In May 2021 WavErest EOOD received approval of the project 2020/551395 „Neoprene recycling for circular economy: the WavErest method“. The project will be implemented with the financial support of the Norwegian Financial Mechanism,  Green Industry Innovation focus area, in the frame of the Business Development, Innovation and SMEs Programme.

The main objective of the project is to invest in an innovative green machinery for neoprene recycling, which is going to assist us in diversification of our product line.

Specialized equipment for recycling neoprene material using innovative technology shall be purchased.

The approved project budget is 748 250 EUR and the amount of the grant is 450 000 EUR.

Expected outputs from the implementation of the project and the implementation of the innovative technology for recycling of neoprene are as follows:

- 1 new fully operational production line for neoprene recycling;

- 1 new green product from recycled neoprene developed and introduced on the market;

- 5 new jobs created;

- 1 measure implemented to decrease CO2 emissions;

- 1 measure implemented to re-use waste from the own production.