LyondellBasell, 23 Oaks Investments Form JV To Build Plastic Waste Sorting And Recycling Facility

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Stocktwits
LyondellBasell, 23 Oaks Investments Form JV To Build Plastic Waste Sorting And Recycling Facility

(RTTNews) - LyondellBasell Industries N.V. (LYB) and Germany's 23 Oaks Investments on Tuesday signed an agreement to create Source One Plastics, a joint venture that will build an energy efficient, advanced plastic waste sorting and recycling facility in Germany.

Using renewable energy from wind and biomass, the new unit is designed to process the amount of plastic packaging waste generated by approximately 1.3 million German citizens per year.

The Source One Plastics facility will produce processed waste that will provide a material part of the feedstock for an advanced recycling plant that LyondellBasell plans to build at its Wesseling, Germany, site.

Using LyondellBasell's proprietary MoReTec technology, this plant will be the first commercial scale, single-train advanced recycling plant, designed to demonstrate its capability for further scalability.

Once in operation, it will enable recycling of most types of plastic materials such as multi-layered food packaging items or mixed plastic containers. Both projects contribute to LyondellBasell's sustainability ambition to end plastic waste in the environment.

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