Plastic Energy Ltd., a UK-based company offering plastic recycling solutions, announced that it has signed a memorandum of understanding with INEOS Olefins & Polymers Europe, a multinational chemical company to jointly produce 100,000 tons per year of recycled raw materials from plastic waste by 2026, which will be the largest use of Plastic Energy’s technology in the market. 

The production will be established in the company’s plastic waste conversion plant in Germany and will use Plastic Energy’s patented TAC recycling technology which converts difficult-to-recycle plastics into valuable raw material TACOIL.

The two companies initially partnered in 2020 to construct a commercial-scale plant, making this an extension of the partnership. 

Analyst QuickTake: In December 2021, the two companies were also planning to commence preliminary trials for their plastic recycling project in Grangemouth, Scotland in Q1 2022. The two companies have now strengthened their ties further with the MOU signed in Q4 2022 to begin production in the German plant. Plastic Energy ​​has been quite actively partnering to scale its patented technology solution globally with a focus on the US and Europe specifically.