US-based plastic waste solutions provider Freepoint Eco-Systems is to partner with Turkish waste management company Biotrend to develop advanced recycling projects that will divert end-of-life waste plastic from landfills and incineration.
The projects will transform waste plastic through chemical recycling into pyrolysis oil, a product used in the production of petrochemical products including resins used to make new plastic.
Biotrend is developing an advanced plastic recycling facility in Aliağa, İzmir, Türkiye with a processing capacity of 60,000 tons per year.
Freepoint Eco-Systems will contribute its focus on building, owning and operating large-scale advanced recycling facilities that convert waste plastic into pyrolysis oil.
The strategic partnership will also develop projects in Turkey, the Balkans and Central Asia, targeting a total production capacity capable of recycling 250,000 tons of waste plastic annually.
After satisfactory completion of due diligence, Freepoint Eco-Systems would purchase approximately 10% of Biotrend’s shares through a private placement involving an investment by Freepoint in newly issued shares.
Proceeds from Biotrend’s capital increase would then be used to develop and fund advanced recycling facilities including the Aliağa facility.
Biotrend CEO Özgür Umut Eroğlu commented: “This strategic partnership strengthens Biotrend’s leadership in plastic recycling and fosters a more sustainable future.”
Freepoint Eco-Systems president Oscar Gutierrez added: “The expansion of our advanced recycling footprint into Turkey, the Balkans and Central Asia represents an important step forward in our ongoing effort to help solve the plastic waste problem on a global basis.”
Source: packaging-gateway.com
