PlasCred Circular Innovations Inc. Reports 2024 Year-End Results
Calgary, Alberta--(Newsfile Corp. - June 3, 2025) - PlasCred Circular Innovations Inc. (CSE: PLAS) (FSE: XV2) ('PlasCred' or the 'Company'), a Canadian clean technology company transforming plastic waste into renewable industrial hydrocarbon feedstock, today announces its audited financial and operating results for the year ended December 31, 2024, highlighting key milestones including a significant offtake agreement, major project advancements, and strategic funding initiatives.
PlasCred secured a definitive five-year offtake agreement with a leading Global Commodities Company ('GCC') for the entire output of its first commercial facility, Neos. The agreement provides a fixed price of CAD $120.00 per barrel for Renewable Green Condensate™ ('Condensate'), PlasCred's proprietary low-carbon hydrocarbon feedstock used in the production of virgin plastics, with renewal options and rights of first refusal on future production from both Neos and the planned larger-scale Maximus facility. Under FCA Incoterms, the customer assumes transportation responsibility at the Scotford site.
'This offtake agreement significantly de-risks our commercialization pathway and confirms strong market demand for our product,' said Troy Lupul, President & CEO of PlasCred. 'We now have market validation, secured long-term revenue, and a strategically advantageous site-all the necessary elements to begin building Canada's circular plastics infrastructure.'
Neos Facility Development - Strategic Hub at CN's Scotford Yard
Construction of PlasCred's Neos, to be strategically located at CN Rail's Scotford Yard in Fort Saskatchewan, Alberta, is expected to commence construction in early 2026, subject to regulatory approvals and financing completion, with commissioning anticipated late 2026. The Neos facility will process approximately 100 metric tonnes of plastic waste daily, producing around 500 barrels/day of condensate. The site's rail connectivity and proximity to Alberta's petrochemical infrastructure ensure efficient feedstock supply and product distribution.
The facility will be co-located with the proposed Maximus plant, designed for phased expansion up to 2,000 tonnes/day processing capacity, yielding up to 10,000 barrels/day of condensate. Lifecycle assessments project Neos will annually divert over 36,000 tonnes of plastic waste annually and reduce approximately 51,000 tonnes of CO₂e, comparable to removing over 11,000 cars from roads each year. When fully operational, the Maximus facility is expected to deliver GHG reductions of more than 350,000 tonnes of CO₂e annually, significantly contributing to Canada's environmental goals.
Alberta Innovates Grant Supports Technology Optimization
In April 2025, PlasCred received a $500,000 non-dilutive grant from Alberta Innovates, Alberta's leading innovation funding agency, in collaboration with the University of Calgary's Centre for Advanced Polymers and Nanotechnology. The ongoing research focuses on enhancing product quality and energy efficiency of PlasCred's patent-pending catalytic pyrolysis process, directly benefiting the upcoming commercialization at the Neos facility.
Project Financing and Execution Roadmap
The Neos facility requires approximately CAD $25 million for construction and commissioning. PlasCred is actively pursuing a blended financing strategy that includes non-dilutive government grants, senior project-level debt, and strategic equity investments from industry partners. The Company is in advanced discussions with both capital and debt providers and anticipates finalizing the remaining components of the funding package ahead of the planned construction start in Q1 2026. While positive progress has been made, the Company notes that construction remains contingent to securing the full financing required.
The company's executive team brings significant expertise to ensure effective execution. CEO Troy Lupul has successfully scaled multiple industrial companies, and CTO Dr. Wayne Monnery possesses over 30 years' experience in fluid processing and catalyst optimization, essential for advancing PlasCred's technological and operational milestones.
2024 Financial Summary
As a pre-commercial company, PlasCred reported no revenue and incurred a net loss of CAD $3,175,785 for the year, reflecting planned investments in engineering, pilot operations, permitting, and commercial development. At year-end, total assets were CAD $851,757. The company had 70.8 million shares outstanding as of December 31, 2024. Full audited financial statements and MD&A are available on PlasCred's website and SEDAR+.
Operational Results
For the 12 months ending December 31 st , 2024, PlasCred reported the following: Net loss from operations: $(3,175,785)
Basic and diluted loss per common share: $(0.05)
Comparatively, for the year ending December 31 st , 2023
, 2023 Net loss from operations: $(3,092,996)
Basic and diluted loss per common share: $(0.07)
Financial Position as of December 31 st , 2024: Net current assets: $68,612
Total assets: $851,757 including our Primus facility
Current liabilities: $ 1,399,511
Total liabilities and shareholders' equity: $851,757
Shares Outstanding:
The company common shares outstanding totaled 70,780,636 as of December 31 st 2024.
Subsequent event:
In May 2025 the company closed a private placement for $452,500.
2025 Outlook - Transitioning to Execution Phase
With 100% of Neos' planned output secured under a long-term offtake agreement, all Renewable Green Condensate™ will be delivered through PlasCred's Global Commodities Company ('GCC') partner into global markets for use in virgin plastic production. This agreement provides long-term revenue visibility and reinforces PlasCred's role as a key upstream contributor to the global circular plastics economy.
In the year ahead, PlasCred's priority is to secure final project financing and commence construction of the Neos facility at CN Rail's Scotford Yard. The Company will also finalize long-term feedstock supply agreements and advance integrated logistics planning with CN Rail, which is positioned to support both inbound plastic waste and outbound product shipments. The near-term objective is to bring Neos into profitable, cash-flow-generating operations, establishing a strong commercial foundation for scaling into the larger Maximus platform.
'With completed engineering, secured offtake, and permitting in advanced stages, we are well-prepared for full-scale execution,' Lupul concluded. 'PlasCred is positioned to deliver significant environmental and economic impacts as we build Canada's industrial-scale circular infrastructure.'
About PlasCred Circular Innovations Inc.
PlasCred is at the forefront of rebalancing the future of plastics. The company is transforming plastic waste by granting it a valuable second life. With a vision of advancing towards a climate-positive future, PlasCred aspires to be among the largest advanced plastic waste recyclers in North America and globally. Their groundbreaking patent-pending technology is set to revolutionize the approach to plastic waste management and advanced recycling.
PlasCred also has strategic partnerships with CN Rail, Palantir Technologies Inc., Fibreco Export Inc., and a Global Commodities Company . These collaborations provide PlasCred with world-class logistics, advanced operational intelligence, and stable long-term revenue, supporting its leadership in the circular plastics economy.
For further information on PlasCred, visit our website at www.PlasCred.com
ON BEHALF OF THE BOARD
Troy Lupul - President & CEO
Contact Information
For more information please contact:
PlasCred Circular Innovations Inc.
Investor Relations
Email: [email protected]
Forward-looking Statements
This press release includes forward-looking statements under applicable securities laws. Such statements relate to future activities, results, or developments anticipated by PlasCred Circular Innovations Inc. and are based on reasonable assumptions but involve risks and uncertainties. Forward-looking statements can often be identified by terms such as 'expects,' 'intends,' 'plans,' or similar expressions. Actual results may differ materially due to economic conditions, regulatory changes, and other risks described in the Company's public filings available on SEDAR at www.sedarplus.ca . Readers are cautioned not to place undue reliance on these statements. PlasCred disclaims any obligation to update forward-looking statements except as required by law.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254166
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