US-based advanced recycling company revolutionizing plastic waste, PureCycle Technologies, has agreed to open Asia's first recycled polypropylene (PP) factory in Ulsan, South Korea, under a non-binding head of agreement (HOA) with SK geo centric (SKGC).
The facility will have a 60,000-ton yearly capacity and be finished by the end of 2024.
The HOA advances the two businesses' business partnership, which began in August 2021 with the signing of a memorandum of understanding (MOU).
In November 2021, Na Kyung-soo, president and CEO of SK geo centric, paid a visit to PureCycle's Feedstock Evaluation Unit, an R&D laboratory and demonstration plant in Ohio, to inspect the company's solvent extraction technology and discuss future collaboration possibilities.
The two firms agreed on the key terms that will be incorporated in a joint venture on January 6 at CES 2022 in Las Vegas.
Kim Jun, Vice Chairman and CEO of SK innovation, said that SK geo centric, along with their battery business, will play a vital part in SK Innovation's Carbon to Green plan. To create a pure plastic environment, they will continue to develop existing business models and increase their collaboration with worldwide companies with eco-friendly technologies.
Mike Otworth, PureCycle, CEO, said that he is excited to see PureCycle and SKGC working together to construct a recycling facility in Ulsan within the next three years. By combining SK geo centric's expertise and knowledge of the sector in South Korea with their patented technology that converts plastic trash into a renewable resource, they can work toward addressing the global plastic waste challenge.
PureCycle has a worldwide license to commercialize Procter & Gamble's patented solvent-based purification recycling method for converting waste PP into ultra-pure recycled (UPR) resin.
Nonwoven fabrics, contaminated food storage containers, colored detergent bottles, and car interior plastics – which are generally cremated because they are difficult to recycle – can all be recycled into UPR with this method.
Traditional mechanical recycling has been limited in its ability to separate pollutants and generate like-new recycled plastic due to the prevalent practice of blending PP with other materials and additives. The two companies are collaborating to form a joint venture that will not only recycle plastic garbage and give UPR to South Korea but will also be able to manufacture a variety of consumer items.
SK geo centric is a global leader in the manufacture of polypropylene and has a large marketing presence in Asia.
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