Page 161 - CW E-Magazine (23-7-2024)

News from Abroad

FUNDING
Polystyvert secures $16-mn to advance polystyrene

recycling

Polystyvert, a Canada-based clean lio, which already includes
technology company specialising in over 40 patents with world-
recycling styrenic plastics (polystyrene wide coverage, the company
and ABS), has announced the closing of informed.
a first tranche of a Series B funding for
over $16-mn. Infinity Recycling led the “Polystyvert has deve-
round, followed by Swen Blue Ocean, loped a unique technology to
and Earth Foundry, an existing share- recycle styrenic polymers.
holder. “Other investors will participate It combines the best of
in the second tranche of this financing mechanical and chemical recy-
to enable the Series B round to raise up The company’s first commercial cling with low costs, small-scale units,
to $30-mn,” the company informed. plant in Québec, dedicated to recy- ability to treat contaminated feedstock
cling highly contaminated polystyrene and virgin-quality end products. This
The company said the funding will waste, is expected to be operational in technology will create new markets for
lay the ground for the industrial-scale 2026. styrenic polymer wastes and help divert
commercialisation of its patented dis- them from nature and landfill,” said
solution and purification technology, Part of the funding will also be Mr. Olivier Raybaud, Managing Director
already proven at the pilot and demon- dedicated to further diversify Polysty- at Swen Blue Ocean, a France-based
stration unit scale. vert’s intellectual property (IP) portfo- venture capital firm.

PROJECT PROGRESS
MOL Group begins design of plastic recycling plant

based on Lummus pyrolysis technology

MOL Group, the Hungarian oil and Technology, said, “We are leveraging providing a new response to the chal-
gas corporation, has announced the Lummus’ innovative technology and lenges of waste management,” said Mr.
commencement of the design phase for MOL’s operational excellence to fur- Gabriel Szabó, Executive Vice President
an advanced waste plastic recycling unit ther our joint commitment of providing of Downstream, MOL Group.
based on Lummus technology. sustainable solutions that address global
plastic waste challenges.” This project is part of the partner-
The plant, which will be located at ship Lummus and MOL announced in
MOL Petrochemicals Co. Ltd. in Tiszaú- Chemical recycling of plastics is part 2023 to deploy and integrate chemical
jváro, Hungary, will have a processing of MOL’s commitment to collect close recycling of plastics at MOL’s assets in
capacity of 40-ktpa of mixed waste to 5-mt of municipal solid waste, which Hungary and Slovakia. Lummus’ Green
plastics and will produce circular petro- includes the treatment and related in- Circle business unit is providing MOL
chemical building blocks which MOL vestments. MOL has committed to drive advanced waste plastic pyrolysis tech-
will process in their petrochemical faci- circularity and has recently invested in nology, which effectively converts plas-
lity. The plant will also feature advanced addressing waste plastics recycling in tic waste into high-value chemicals and
greenhouse gas (GHG) reduction design Central Europe. As a result, MOL will feedstocks, creating circularity. Lummus
elements, including a fully electric pyro- be able to offer a wide range of sustain- will also provide its experience and
lysis reactor, which will result in zero able compounds for various industries. expertise in steam cracking, catalytic
direct scope 1 emissions from the unit “Lummus pyrolysis technology will en- cracking and residue processing tech-
during normal operation. Mr. Leon de able us to transform plastic waste into nology to ensure integration with MOL’s
Bruyn, President and CEO of Lummus high-value chemicals and raw materials, existing assets is optimised.

Chemical Weekly July 23, 2024 161

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