RETEX Panels signs LOIs in Finland, Netherlands and Belgium
The RETEX Panels Group recently announced that it has signed three Letters of Intent for 5 factories in the Netherlands, Belgium and Finland over the next three years. The news came in fast succession as RETEX moves very quickly to establish itself in markets across Europe.
“RETEX has developed a replicable business model for governments with the clear conversion rate of the investment vs. waste problem solved in tons” says RETEX CEO Toomas Allikas. “One RETEX factory continually solves 50,000 tons of textile waste, 30,000 tons of plastic waste and over 7,500 tons of rubber (tire) waste yearly.”
Allikas continues that “These LOIs demonstrate the determination of the governments to aggressively solve their textile waste problem and recognition of RETEX as a key partner in this objective. We are very pleased to work with these governments and are focused on bringing our technology to market quickly.”
RETEX has also signed a cooperation agreement with KPMG to work closely on delivering market studies, risk and financial modeling, and capital-raising services for the firm across Europe. “Together with KPMG we are leveraging our manufacturing capabilities and their market reach to connect with governments across Europe to implement the RETEX solution in areas with large waste problems. KPMG knows this market well and is committed to progressing the EU sustainability goals. This partnership will be good for all of us in Europe!” says Allikas.
Solving global waste problems can only be possible with the support from forward-thinking governments and organizations. The Netherlands is one of the countries that realize the necessity for change and show their support in action.
The Netherlands generates 554.000 tons of textile waste yearly (exported or waste) according to the CBS figures for 2019, of which 86.000 tons is collected/separated and 17,400 tons incinerated.
Based on the RETEX factory usage of 50,000 tons of textile waste/year, Groningen Seaports have confirmed their interest to have RETEX processing facilities in the Netherlands that will solve a big part of the textile waste problem.
“Our intent will be to support RETEX in launching and operating manufacturing operations in our region in a way that is mutually beneficial to both parties.”, said Cas König, CEO at Groningen Seaports N.V”
RETEX is also progressing in discussions with Belgium based local and regional governments. While the final site location for the factory has not been chosen, the idea is the same, close cooperation with local authorities to build and operate RETEX facilities.
The RETEX model is to team with local governments to address waste issues in each country. RETEX invites all local governments to contact us to develop a large-scale solution to their waste problems.
RETEX factories produce fully recyclable construction materials from textile, plastic and used car tire waste. The manufacturing process is eco-friendly, produces no waste products, uses no toxic chemicals or water, releases no pollution into the ground or air, and has a CO2 footprint smaller than competing building materials.