Finland-based VTT Technical Research Centre has announced that it will be spinning out Olefy Technologies, a new company that has developed technology that can extract over 70% virgin grade plastics and chemical raw materials components from plastic waste.
With eight patents pending, Olefy’s technology has been developed as part of VTT LaunchPad, a science-based incubator, where VTT researchers and technology are brought together with business expertise and investors to renew industries and to develop VTT-owned IPR into fundable spin-off companies.
Unlike some other processes, Olefy’s process can be done in a single step. According to VTT, with Olefy it is economically viable to recycle most of the world’s plastics with minimal sorting by consumers and businesses.
Today, only 8–10% of global plastics gets recycled primarily through mechanical recycling. However, only a limited share of plastic waste can be mechanically recycled. Olefy’s technology has the potential to significantly boost these rates as it enables virgin quality plastic to be produced from previously unusable plastic waste - again and again, and again.
“One of the problems with current recycling methods is that the quality degrades every time plastic is recycled. After several rounds of mechanical recycling, the quality becomes too poor, and the plastic is no longer usable and goes to a landfill. With the Olefy recycling process, the quality of the plastic is equal to virgin grade, so it can be recycled indefinitely and materials no longer need to end up in landfills,” said Matti Nieminen, Head of Technology at Olefy. “In essence, Olefy will make it possible for plastic to be a true part of the circular economy.”
The Olefy process eliminates the need for naphtha feedstock and is also able to produce enough energy for the process. It takes the same amount of ethylene or propylene-based waste plastic as higher-cost naphtha feedstock to produce a ton of virgin-grade plastic material.
“The economic benefits of having virgin grade components from recycled materials can completely change the dynamic of global oil consumption. Olefy will significantly reduce the need to use new oil for making plastic and maybe even create a new economic incentive to clean up plastic from land and water as it becomes a valued commodity,” added Nieminen.
