Dow and Innventure, a technology commercialisation platform, are collaborating to develop and commercialise new waste-to-value technologies to convert mixed waste into petrochemical feedstocks cost-effectively on a global scale. To that end, Innventure has established Refinity, a subsidiary focused on commercialising technologies for converting hard-to-recycle waste, such as mixed plastics, into sustainable chemicals that can replace virgin fossil fuel-based feedstocks. Dow will support Refinity with technical resources for engineering and developing these processes, as well as identifying potential sites for future commercial operations.
Via Refinity, its fourth company, Innventure licenses high-yield thermochemical processes, like gasification, to convert plastic waste into light olefins, while Dow may contribute additional technologies over time. Both companies may also collaborate on improving the waste supply chain, including waste plastic feedstock aggregation and upgrading.
This collaboration with Innventure aligns with Dow’s strategy to work with partners to accelerate the development and deployment of technologies that will enable it to deliver the volumes and incremental profit goals of its Transform the Waste goal. Dow aims to commercialise three million metric tons of circular and renewable solutions by 2030.
For both companies, the venture is a means to accelerate the transition to a circular economy globally.
“Dow is committed to transforming plastic waste into circular solutions that result in high-quality resins demanded by our customers while helping to accelerate a circular economy,” said Dave Parrillo, vice president for Research & Development at Dow Packaging & Specialty Plastics and Hydrocarbons. “We are excited to work with Refinity on waste-to-value, which can be combined with Dow’s efforts to Decarbonize & Grow and its Path2Zero journey. We are also excited to work more broadly with Innventure, whose differentiated model for technology commercialisation and new company creation can help Dow accelerate our Transform the Waste initiative.”
Bill Haskell, CEO of Innventure, emphasised that working with industry leaders like Dow is central to Innventure's mission of commercialising transformative technologies. ”Through the collaboration with Dow, our new subsidiary, Refinity, intends to accelerate the development and deployment of differentiated waste conversion processes globally,” he added.
A Nasdaq-listed company, Innventure leverages technologies sourced from multinational corporations to launch and scale disruptive companies. Innventure defines "disruptive" as innovations that have the ability to significantly change the way businesses, industries, markets, and/or consumers operate. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialisation, building market-changing companies it believes have the potential to achieve a target enterprise value of at least $1 billion.