Plastics Recycling Crude Oil 11-01-2022 - Arhive
Plastics Recycling Crude Oil
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-Repeats Group B.V. to Build European Plastics Recycling Platform
Rapid expansion plans focused on production of high-quality recycled low-density polyethylene (LDPE) Plastics Recycling Crude Oil
Repeats Group B.V. (which stands for Recycled PE AT Scale) (“Repeats”) today announced its launch and plan to build a pan-European plastics recycling platform focused on producing high-quality recycled low-density polyethylene (LDPE) with a €100 million equity commitment from Ara Partners. Ara Partners (“Ara”) is a global private equity firm that specializes in industrial decarbonization investments.
Repeats utilizes a best-in-class mechanical process to transform post-commercial plastic waste into high-quality resin suitable for commercial and industrial applications.
The company is scaling LDPE recycling capacity throughout Europe to address the shortage of supply compared to the growing demand required to meet industry sustainability and net zero targets, increasing consumer preferences for low-carbon products and stricter regulatory requirements around decarbonization.
Operations will be focused on core European markets characterized by dense population and underserved LDPE recycling capacity.
Through a combination of greenfield development, acquisitions and strategic partnerships, Repeats and Ara are committed to building a leading LDPE recycling platform in Europe. Plastics Recycling Crude Oil
Repeats is led by Greg Rung and a team of LDPE recycling executives who collectively have over 80 years of experience in the plastics recycling industry. Mr. Rung was a Partner at Oliver Wyman, where he developed growth strategies and implemented integration programs for clients across Europe and emerging markets. The Repeats executive team has successfully built, scaled, and monetized plastic recycling businesses across Western Europe. The team is well versed in the different mechanical and chemical technologies at the forefront of LDPE recycling, and they have strong relationships with European plastic collection agencies, converters and consumer product companies driving growth in the recycled LDPE resin market.
“The need for an effective, circular solution to the growing plastic waste problem is tremendous, and European businesses, consumers and governments are aligned in working towards higher utilization of recycled plastic,” said Greg Rung, Repeats’ CEO. “We seek to partner with leading CPG (consumer packaged goods), petrochemical and plastic packaging manufacturing companies to create a high-quality supply source that is widely available throughout Europe. We are proud to partner with Ara, which shares this ambition and has expertise and resources to help achieve our objectives.”
“The Repeats management team has the operational experience, strategic relationships, and drive to transform the European LDPE recycling market,” said Tuan Tran, a Partner at Ara Partners. “They have an outstanding reputation in Europe and we are thrilled to partner with the Repeats team to build a pan-European recycling leader.”
-SABIC action with alliance to end plastic waste outlined in 2021 progress report
The 2021 annual progress report highlights how the organization’s projects are beginning to deliver impact, after two years of foundation-laying work.
Since 2019, the Alliance has developed a portfolio of more than 35 projects, currently in various stages of implementation, across 80 cities. The third edition of the report ‘Alliance in action’ showcased a year of actions and outlined its strategy to deliver ambition of greater impact, inspired by the collective action of partners around the world. Plastics Recycling Crude Oil
SABIC is a founding member of the Alliance since its inception in 2018 and in his members message Yousef Al-Benyan, SABIC Vice Chairman and CEO, reflected: “At SABIC, we believe plastic can be part of a sustainable future and we are taking action, working towards the collective aim of a circular plastics economy. We are collaborating with partners to find innovative solutions and new ways to design, produce, use, and recycle plastic and close the loop on plastic waste.
He added: “This year has also seen SABIC working with customers and partners to find new ways to recover and recycle ocean and ocean-bound plastic waste, which have found their way into our environment and waterways to create new valuable plastic materials. In doing so, we are not only helping to address the issue of end-of-life plastics, but these programmes also contribute to the social and economic growth in those local communities.”
During the year, the Alliance grew its portfolio of projects by about 80% and now covers Europe and the Americas as well. It now also includes investments and partnerships to develop and test-bed technologies that will help improve waste sorting—through the HolyGrail 2.0 Digital Watermarks Initiative—or improve the value of difficult-to-recycle plastics. Plastics Recycling Crude Oil
“Despite the effects of the ongoing COVID-19 pandemic, we set in motion efforts to scale for impact and we are beginning to see early results,” said Jacob Duer, President and CEO of the Alliance. “The Alliance remains fully committed to our ambition of diverting millions of tons of plastic waste from the environment.”
–Repeats Group B.V. to Build European Plastics Recycling Platform
–SABIC action with alliance to end plastic waste outlined in 2021 progress report
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Plastics Recycling Crude Oil