Abundia Global Impact Group, a technology company focused on circular solutions and sustainability, has entered into a licensing agreement with Alterra Energy, a feedstock recycling company that has developed a scalable thermochemical liquefaction process to transform waste plastics into petrochemical products. Under the deal, the companies will combine their respective technologies to create a circular solution for hard-to-recycle plastic waste.
The companies share a commitment to solving plastic pollution and to supporting the circular economy, said Frederic Schmuck, CEO of Alterra. Reducing dependence on fossil fuels is another goal. “Our innovative advanced recycling approach, combined with Abundia's upgrading technology process, is another step in this direction.”
Plans for a first site have already been announced by Abundia. To be located in the UK, it will initially have a processing capacity of up to 40,000 tons of plastic waste per annum when it opens sometime during the second half of 2022. Through expansion, this capacity is targeted to rise to 120,000 tons annually by 2027. Various recycled chemicals will be produced at the site.
Abundia has spent many years researching, co-developing, and reviewing scores of technologies that attempt to solve the global plastics recycling crisis, said Dr. Martin Atkins, Chief Scientific Officer of Abundia Global Impact Group.
“I'm convinced that the combination of Alterra's liquefaction platform and Abundia's downstream upgrading technologies will provide a robust and circular solution to the waste plastics problem cluttering our world today,” he said.
The terms of the agreement were not announced publicly.