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SK geo centric (SKGC) and PureCycle Technologies, a US advanced recycling company revolutionising plastic waste, have signed a non-binding head of agreement to open Asia’s first recycled polypropylene (PP) plant in Ulsan, South Korea. The facility is expected to have an annual capacity of 60,000 tons and an expected completion at the end of 2024.
The HOA progresses the business relationship between the two companies, which initiated in August 2021 with the signing of a memorandum of understanding (MOU). Na Kyung-soo, president and CEO of SK geo centric, visited PureCycle’s feedstock evaluation unit, an R&D facility and demonstration plant in Ohio, in November 2021 to evaluate its solvent extraction technology and discuss collaboration plans to deepen the relationship, the company said in a press release.
SK geo centric is a global leader in PP production and has deep technological capabilities, and wide marketing reach in Asia. The partnership between the two companies will combine SKGC’s strengths with PureCycle’s purification technology to supply a premium recycled plastic resin to the growing market. PureCycle will leverage its plant module construction processes and partnerships to accelerate the building of the plant in South Korea.
SK geo centric (SKGC) and PureCycle Technologies, a US advanced recycling company revolutionising plastic waste, have signed a non-binding head of agreement to open Asia’s first recycled polypropylene (PP) plant in Ulsan, South Korea. The facility is expected to have an annual capacity of 60,000 tons and an expected completion at the end of 2024.
“SK Geo centric will play a major role in SK Innovation’s‘Carbon to Green strategy,’ along with the battery business. We will continue to innovate existing business models and further expand cooperation with global companies with eco-friendly technologies to build a pure plastic environment,” Kim Jun, vice chairman and CEO of SK innovation said in a statement.
“I’m thrilled PureCycle and SKGC are progressing toward opening a recycling facility in Ulsan over the next three years. Combining SK geo centric’s expertise and knowledge of the industry in South Korea with PureCycle’s patented technology that transforms plastic waste into a renewable resource, we can work toward tackling the plastic waste crisis that has impacted every corner of the world,” Mike Otworth, PureCycle, CEO said.
Fibre2Fashion News Desk (GK)
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