SK geo centric (SKGC) and PureCycle Technologies, a US advanced recycling company, have signed a non-binding head of agreement (HOA) to open recycled polypropylene (PP) plant in Ulsan, South Korea.
Claimed to become Asia’s first facility recycled polypropylene, it is expected to have an annual capacity of 60,000 tonnes once its construction is completed at the end of 2024.
The HOA advances the business relationship between the two firms that began in August 2021 with the signing of a memorandum of understanding (MOU).
On 6 January at CES 2022 in Las Vegas, the two firms agreed to important terms that will be included in the joint venture agreement to be negotiated between them.
SK innovation chairman and CEO Kim Jun said: “SK Geo centric will play a major role in SK Innovation’s’Carbon to Green strategy,’ along with the battery business.”
He further added: “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.”
PureCycle CEO Mike Otworth said: “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.”
PureCycle leverages its technology to separate contaminants, odors, and colors from PP plastic waste to transform it into ultra-pure recycled (UPR) plastic.
This technology can be used for to recycle contaminated food storage containers, colored detergent bottles, and automotive interior plastic that are mostly incinerated given the difficultly in recycling into UPR.
PureCycle will make use of its plant module construction processes and partnerships to speed up the building of the facility in South Korea.
The HOA advances the business relationship between the two firms that began in August 2021 with the signing of MOU. Credit: PureCycle Technologies, Inc.