The final building block for Eco-Clay’s rollout is here thanks to a deal between Green360 Technologies (ASX:GT3) and Calix (ASX:CXL)!

The potential of Green360 Technologies‘ (ASX:GT3) Eco-Clay has been well-established, but getting it to market was never going to be a mean feat. Nonetheless, a major step was realised in the form of a toll-treatment agreement covering 30,000tpa with fellow ASX listee Calix (ASX:CXL).

This is a big deal, above all else because it paves the way for the first commercial deals for Eco-Clay. Crucially, the deal is structured as a “no-capex” tolling arrangement, meaning GT3 will not need to fund the construction of its own calcination facility, instead leveraging Calix’s existing infrastructure to process its raw materials into a saleable product.

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Recap of Green360 Technologies and Eco-Clay

Green360 is underpinned by kaolin. It has a major kaolin deposit in Victoria where it has an existing facility that converts the material into kaolin based products. It is the only one of its kind in Australia. Kaolin can be used for many purposes including in coatings, paint rubber and pharmaceutical applications.

GT3 also has a WA business in the form of another industrial processing plant in WA lying near a kaolin project as well as a commercial deal with PERMAcast. We will not mention this further in this article because Eco-Clay is the focus on it.

Eco-Clay is an additive that can replace up to 40% of conventional cement (i.e. Portland cement) and kaolin is an input to this too. Why would a company needing cement use cement with Eco-Clay? Because it is less emissions intensive due to the lower temperature required. Moreover, it does so without compromising on end application strength.

Toll-treatment processing

GT3’s plan was to enter into a toll-treatment agreement with a third-party facility to enable scale-up and broader supply to the market – so the feedstock would be derived from Pittong, but Eco-Clay would be processed and shipped from a facility with appropriate calcining equipment. This plan is now a reality.

Under the agreement, Calix will process up to 30,000tpa of kaolin sourced from the Pittong operation into high-reactivity metakaolin, the key input for Eco-Clay. The contract initially runs for two years, with an option to extend for a further two years, and is based on a cost-plus model. Processing will occur at Calix’s Bacchus Marsh facility in Victoria, utilising its electric calcination technology. This technology is significant because it enables the production of calcined clay using renewable energy inputs, reducing both emissions and energy intensity compared to traditional cement production methods.

Why is this important?

We think the agreement removes one of the largest barriers to entry for GT3. Calcination is a capital-intensive and technically complex step in producing supplementary cementitious materials, typically requiring substantial upfront investment and long lead times.

By outsourcing this process, GT3 effectively bypasses the need for heavy capital expenditure while still securing access to commercial-scale production. This allows the company to focus its capital and management resources on upstream feedstock supply and downstream market development rather than plant construction.

The deal also validates Eco-Clay at a commercial level. Prior testing and trials had already demonstrated that calcined clay derived from its feedstock could meet industry standards and integrate into existing concrete supply chains. The tolling agreement converts this technical validation into a defined production pathway, bridging the gap between pilot-scale success and full commercial rollout.

Conclusion and what comes next

Long story short, the toll treatment agreement represents a pivotal commercialisation milestone for GT3. It shifts the company from a development-stage narrative toward an operational one, with a clearer pathway to scaling production, securing offtake, and ultimately generating sustainable revenues in the low-carbon building materials market.

The company anticipates the first before the end of the first half of 2026.

Green360 Technologies is a research client of Pitt Street Research.