Neste and ReNew ELP has signed a Memorandum of Understanding this week.
The partnership will see both companies work together to capitalise on the value in waste plastic as a raw material feedstock to produce liquid hydrocarbons, chemicals and new plastics.
Yearly around 27 million tonnes of post-consumer plastic waste is generated in Europe, with approximately a third collected for recycling and the remainder landfilled, incinerated or dumped, polluting vulnerable ecosystems.
Teesside-based ReNew ELP’s patented technology chemically recycles end-of-life plastics into chemicals and oils, cutting greenhouse gas emissions by more than 70 per cent.
ReNew ELP is building the first commercial scale Cat-HTR plant at its Wilton International Site in Teesside, aimed to commence in late 2018 and be operational by the end of 2019.
The plant will initially recycle 20,000 tonnes of end-of-life plastic per annum, with plans for a further three units and total potential processing capacity of 80,000 tonnes per annum.
This partnership will enable both companies to leverage our combined expertise to improve sustainable operations and turn end-of-life plastic waste into valuable resources,” said Richard Daley, Managing Director of ReNew ELP.
“Using waste plastic as a raw material increases resource efficiency, reduces dependency on crude oil to produce new plastics, and cuts energy use and emissions compared to using fossil fuels as the raw material.”