Two companies, Biotrend and Freepoint Eco-Systems, are exploring a potential strategic partnership to expand their presence in the advanced recycling industry, with a focus on promoting sustainable practices in the circular economy.
The partnership would see the two companies combine their expertise to develop advanced recycling projects that aim to divert end-of-life waste plastic from landfills and incineration. The projects would involve transforming waste plastic into pyrolysis oil, a product that can be used as a feedstock in the production of petrochemical products.
Biotrend brings its experience in developing an advanced plastic recycling facility in Aliağa, Turkey, with a processing capacity of 60,000 tons per year. Freepoint Eco-Systems, on the other hand, specializes in building, owning, and operating large-scale advanced recycling facilities that convert waste plastic into pyrolysis oil. The company is currently developing facilities in North America, Europe, and Southeast Asia, including a flagship facility in Ohio, USA, which is expected to be one of the largest in the world once completed in late 2024.
The potential partnership also involves the establishment of a strategic investment company by the two parties to develop and own future projects. Additionally, Freepoint Eco-Systems has agreed to purchase approximately 10% of Biotrend’s shares through a private placement, following the completion of due diligence.
The partnership aims to develop projects in Turkey, the Balkans, and Central Asia, with a target production capacity of 250,000 tons of waste plastic per year. This collaboration is expected to make a significant contribution to reducing plastic pollution and promoting a more circular economy.
The proposed partnership highlights the growing trend towards sustainable practices in the plastics industry, as companies seek to reduce their environmental impact and transition towards more environmentally friendly practices.
“Our companies share the goal of building advanced plastic recycling infrastructure required to accelerate the development of circular economy solutions for the benefit of the environment. Biotrend has a strong track record of operating integrated solutions for municipal solid waste in Turkey, and we look forward to building this new plastic recycling infrastructure together,” said Oscar Gutierrez, President of Freepoint Eco-Systems International.
