Plastic Energy Ltd., Freepoint Eco Systems, and Total Energies have recently announced that the companies will be entering into a strategic partnership in the USA. Under the partnership agreement, Plastic Energy and Freepoint Eco Systems have plans to build an advanced recycling plant in Texas which will be transforming end of life plastic waste into a recycled feedstock called TACOIL which will be produced using Plastic Energy’s patented technology. And Total Energies will be converting this raw material into virgin quality polymers which can be used for food grade packaging.
The project will be processing and converting around 33 kilotons of plastic waste annually. The plant is expected to become operational by mid-2024 with TACOIL to be used for manufacturing of high quality polymers in Total Energies’ Texas based production plant which will enable it to produce items such as flexible packaging and rigid food containers.
With this agreement in place the companies will be following their commitment towards a sustainable future and a circular economy. The demand for plastic recycling stood at around 10 million tonnes in 2020 and is expected to rise with a healthy CAGR of around 10%. Various types of plastic recycling include mechanical recycling and chemical recycling. Total energies will be employing both the methods to obtain virgin polymers from the plastic waste. Various applications of plastic recycling include food packaging, agricultural films, fibres etc.
As per ChemAnalyst, “the proposed partnership by the Plastic Energy Ltd., Freepoint Eco Systems, and Total Energies is a step taken by the companies towards a sustainable future and a circular economy. The move comes after the companies entered into a similar joint venture in France last year. Therefore, the plan comes to be a part of a global strategy. The demand for plastic recycling is growing in the USA and the partnership is aimed at capturing this growing demand for plastic recycling.”