Cuibhil Luxco 2 is a Joint Venture between Antin Infrastructure Partners, Scandinavian Enviro Systems and Michelin, which aims to create the world's first large-scale tire recycling group. the company is headquartered in Luxembourg and will establish end-of-life tires recycling plants across Europe, with a total capacity to recycle up to 1 million tons of end-of-life tires annually by 2030. The initiative combines Enviro's unique and patented technology for the extraction of carbon black and pyrolysis oil from end-of-life tires with Michelin’s leading position in sustainable tires and Antin’s expertise in developing and scaling tomorrow’s infrastructure platforms to enable the industrial development of this innovative recycling technology. Globally, it is estimated that over 1bn tyres reach the end of their useful lives every year, and about 4bn End-of-Life Tires (ELT) are currently in landfills and stockpiles worldwide. Cuibhil will generate significant direct employment as well as indirect employment in the ELT recycling sector as part of the initiative across the EU and worldwide. The first full-scale commercial plant is currently being built in Uddevalla, Sweden, with initial capacity to recycle 34,500 tons of disposed tires, equal to 40% of the annual volume of end-of-life-tires in Sweden. The plant is expected to be fully operational by 2025. The company has signed legally binding long-term agreements pertaining to delivery of end-of-life tires (ELT) to the plant in Uddevalla and delivery of recovered carbon black and oil from the plant. Customers for the recovered carbon black and oil include several leading companies in the tire, rubber and oil industries such as Michelin, Nokian Tyres, Preem and H&R Group. These agreements encompass deliveries of recovered oil and carbon black over the contract period, which varies between 5 and 10 years, at an aggregate value of approximately MEUR 180.