Redeye is positively surprised by the fact that Enviro will establish a JV with Antin Infrastructure Partners (one of Europe's largest private equity firms within infrastructure investments) and, in the future, Michelin (the top 2 largest tyre manufacturer in the world). This means Antin will bring capital and its expertise in scaling infrastructure platforms, while Michelin has signed multi-year supply agreements for both recovered carbon black (rCB) and tyre pyrolisis oil (TPO) – which will all be combined with Enviro’s patented technology. This is the news we have been waiting for since 2020, and we believe this structure gives Enviro a solid foundation to execute its growth strategy of deploying plants capable of handling 1m tons of end-of-life tyres per annum by the end of 2030. We provide a summary of the press release in this research note while sharing our thoughts on the announcement.