The Company was today informed that the Lenders' Technical Advisor has certified that Renewcell 1 has reached Commercial Operations Date (COD). The COD is a defined date in the loan agreements that represents the day the production line achieves functionality for commercial production.
As a result, the Company now has access to a recently signed Revolving Credit Facility for working capital funding of up to SEK 150 million. In addition, the Company will apply for the release of certain funds from blocked cash reserves.
This is an important operational milestone, and the Company is now close to commercial production and sales at Renewcell 1. Commercial production and sales are dependent on certain additional product quality parameters being fulfilled, which is expected in the near future.