Date: 16th of Aug 2018
World-leading renewable oil producer Neste have signed a Memorandum of Understanding with pioneering plastics recycling company ReNew ELP. The partnership will see both companies collaborate on moving forward the innovative Cat-HTR™ technology – capable of recycling a much broader scope of plastics.
Richard Daley, Managing Director of ReNew ELP, said:
Neste is the world’s largest producer of renewable oils refined from waste and residues, and has set a target to process more than one million tonnes of waste plastic as a raw material in its refineries by 2030.
We are delighted that Neste has seen the vast potential of our Cat-HTR™ process. Our game-changing technology provides an innovative solution to the global problem of plastic waste disposal and contributes to the establishment of a circular economy. This partnership will enable both companies to leverage our combined expertise to improve sustainable operations and turn end-of-life plastic waste into valuable resources.
Neste has a deserved reputation as one of the most sustainable companies in the world*. As a global leader in the production of sustainable, high quality, low carbon products, they are the ideal partner for ReNew ELP as we move towards the start of construction for our first commercial plant towards the end of this year.
The breakthrough process recycles waste plastics into stable oils and chemicals, which can then be further used in the petrochemical industry. The patented Catalytic Hydrothermal Reactor technology, co-invented by Australian company Licella’s Professor Thomas Maschmeyer and Dr Len Humphreys, uses supercritical water to recycle a wide range of plastic feedstocks.
The process has shown a substantial greenhouse gas reduction when compared to the use of fossil fuel feedstock – an independently validated lifecycle analysis showed GHG emissions reduced by approximately 70% during the project’s lifetime.
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