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SK geo centric and PureCycle Announce Location of Asia's First Polypropylene Recycling Plant
- SKGC and PureCycle announced that Ulsan, South Korea, will be the location of the first polypropylene recycling plant in Asia. - SKGC conducted extensive
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"- SKGC and PureCycle announced that Ulsan, South Korea, will be the location of the first polypropylene recycling plant in Asia.\n - SKGC conducted extensive research and technical due diligence into PureCycle's technology, which is designed to produce ultra-pure recycled plastic from polypropylene waste. PureCycle's technology combined with SKGC's expertise in polypropylene production and marketing will further both companies' missions to tackle plastic waste.\n - SKGC will accelerate its commitment to creating a circular economy for plastics by maximizing synergy effects between its top three advanced recycling technologies- pyrolysis, PET de-polymerization, and recycled polypropylene.\n\n\nORLANDO, Fla., Jan. 10, 2022 /PRNewswire/ -- SK geo centric (SKGC) and PureCycle Technologies, Inc. (Nasdaq: PCT), a U.S. advanced recycling company revolutionizing plastic waste, signed a non-binding head of agreement (\"HOA\" or \"term sheet\") to open Asia's first recycled polypropylene (PP) plant in Ulsan, South Korea. The facility is expected to have an annual capacity of 60,000 tons and an expected completion at the end of 2024. The HOA progresses the business relationship between the two companies, which initiated in August 2021 with the signing of a memorandum of understanding (MOU). \n\n \n \n \n \n \n \n\n \nNa Kyung-soo, President and CEO of SK geo centric, visited PureCycle's Feedstock Evaluation Unit, an R&D facility and demonstration plant in Ohio, in November 2021 to evaluate its solvent extraction technology and discuss collaboration plans to deepen the relationship. On January 6 at CES 2022 in Las Vegas, SKGC and PureCycle agreed to key terms that will be included in the joint venture agreement to be negotiated between the two companies. \nKim Jun, Vice Chairman and CEO of SK innovation, said,\"SK Geo centric will play a major role in SK Innovation's'Carbon to Green strategy,' along with the battery business.\" He added, \"We will continue to innovate existing business models and further expand cooperation with global companies with eco-friendly technologies to build a pure plastic environment.\" \nMike Otworth, PureCycle, CEO, said, \"I'm thrilled PureCycle and SKGC are progressing toward opening a recycling facility in Ulsan over the next three years. Combining SK geo centric's expertise and knowledge of the industry in S...