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Mura Technology Announces Equity Investment by Six Pines Investments LLC, a Subsidiary of Chevron Phillips Chemical Company LLC
18 December 2021
Mura Technology , the UK-based pioneer of HydroPRS™ (Hydrothermal Plastic Recycling System), an advanced process capable of recycling a wider scope of mixed plastic waste, has today announced Six Pines Investments LLC (“Six Pines”), a subsidiary of Chevron Phillips Chemical Company LLC (“CPChem”) has made an equity investment in the company.
This new agreement between Mura and Six Pines constitutes a major development in the advanced recycling market. Mura aims to be the world’s largest producer of recycled hydrocarbons, whilst CPChem has the goal of manufacturing at least 500,000 tons per year of circular polyethylene by 2030.
“The United States generates more plastic waste than anywhere else globally and it is imperative that US businesses show leadership in the fight against plastic waste. Having launched our US business in October, we are delighted to collaborate with Six Pines to develop advanced recycling capacity in the US. Mura’s HydroPRS™ process can scale-up fast to meet demand, producing recycled hydrocarbons to replace the use of virgin fossil resources.
This new investment by Six Pines is a highly positive step towards increasing sustainable manufacturing in the petrochemical industry. It demonstrates sector trust in this ground-breaking new process and highlights CPChem’s commitment to sustainability and providing brands with recycled content for packaging.”
Dr. Steve Mahon
CEO of Mura Technology
This new investment by Six Pines is a highly positive step towards increasing sustainable manufacturing in the petrochemical industry. It demonstrates sector trust in this ground-breaking new process and highlights CPChem’s commitment to sustainability and providing brands with recycled content for packaging.”
Conventional mechanical recycling can only process a small subset of material, excluding multi-layer and flexible materials. Mura’s HydroPRS™ advanced recycling process is able to recycle those plastics which traditional mechanical recycling can’t, opening up the vast remainder of the approximately 40 million tons of waste plastics generated in the US every year[1]. Investments from chemical companies like CPChem help to close the recycling loop, by processing the recycled hydrocarbons from Mura’s HydroPRS™ process into new plastics, achieving true circularity.
“CPChem and Mura believe waste plastics should not end up in the environment, as they can be circularly recycled into new plastics for use across a wide array of applications. CPChem believes that solving the global problem of plastic waste will require innovation, investment and cooperation throughout the entire plastics value chain. Six Pines’ investment advances CPChem’s ambition to reduce waste and reuse as a valuable resource, accelerating change for a sustainable future.”
Benny Mermans
Vice President of Sustainability at CPChem
About Mura Technology
Mura Technology intends to become the world’s leading producer of recycled hydrocarbons, creating a circular economy for plastic, whilst helping to decarbonise the petrochemical industry and eliminate global plastic pollution. We are pioneering a scalable process to divert waste plastic away from incineration, reduce carbon emissions and prevent millions of tonnes of plastic from entering the natural environment every year, turning the $120bn lost resource of plastic waste into a valuable global commodity.
Our process, HydroPRS™ (Hydrothermal Plastic Recycling System), creates a much wider scope for recycling all types of plastic, including flexible, multi-layered film and post-consumer, contaminated materials. By diverting these materials away from incineration and landfill and into recycling, we decouple the manufacture of new plastics from fossil-sourced feedstock – helping to decarbonise the petrochemical industry. We are partnering with the entire plastic recycling value chain, including international consumer brands, resin producers and waste management companies to scale our process worldwide. This feeds a sustainable circular economy and strives towards Net Zero. Our ambition is to have 1,000,000 tonnes of plastic recycling capacity in operation or development by 2025.
About Six Pines
Six Pines Investments LLC is a wholly-owned, sustainable investment subsidiary of Chevron Phillips Chemical Company LLC (“CPChem”), one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, CPChem and its affiliates own more than $17 billion in assets, including 31 manufacturing and research facilities in six countries. CPChem is equally owned indirectly by Chevron Corporation U.S.A. Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas.
For more information about CPChem, visit www.cpchem.com.
