INEOS signs new agreement with Plastic Energy
This will be the largest use of Plastic Energy technology on the market. These new raw materials will enable a circular approach to produce essential plastic items that meet the requirements of demanding food contact and medical applications.
Production will be based in Köln, Germany. Plastic Energy’s patented TAC™ recycling technology will turn difficult-to-recycle plastic waste otherwise destined for incineration or landfill, into a valuable raw material TACOIL™, a product that can be used to create virgin-quality polymers.
INEOS will also invest in technology to process the TACOIL™ further before feeding it to their steam crackers, where it will replace traditional raw materials derived from oil.
This use of advanced recycling enables plastic waste to be turned into new, virgin-quality materials that can be used in demanding applications where safety standards require the highest level of product purity and performance.
INEOS and Plastic Energy first announced a collaboration to explore the construction of a commercial scale plant in 2020.
Rob Ingram, CEO, INEOS O&P Europe North, said: “Advanced recycling is an essential part of the solution for turning plastic waste into materials that can be used for demanding applications.
“Our position is that advanced recycling has to be done at scale in order to make the process environmentally and commercially viable. I’m therefore delighted to take this first step with Plastic Energy towards building that kind of capability from day one.”
Carlos Monreal, founder and CEO of Plastic Energy, said: “We are pleased to announce this project with INEOS to further scale our portfolio of plants in Europe. TACOIL™ from our recycling process has already been used in products that have been commercialised on the European market, and we look forward to working with INEOS to enable the production of more recycled content.”