EMEA News
Recycled Bunker Company Completes €5.5 Million Bond Financing
French recycled bunker company Ecoslops has announced it continues to build out its business converting marine hydrocarbon residues into useable marine fuels through a private placement of convertible bonds.
The company announced it has issued €5.5 million ($6.11 million) through a bond issue, proceeds of which it says will be used to finance its Portuguese subsidiary as well as new projects.
Convertible to equity under certain conditions, the bonds were issued by way of a private placement in France.
The stated business plan of Ecoslop is to build port locations that can collect engine room sludges, bilge water, and ballast water, and then refine these liquids to extract the usable hydrocarbons that make up between ten and 80 percent of the liquids collected.
The resulting bunkers are said to meet ISO8217 specification, but the firm has so far declined a request by Ship & Bunker to provide a more in-depth fuel analysis.
In November of 2015 Ship & Bunker reported that the firm's Portugese refinery, located in the Port of Sinès, had started industrial production.
