Recycling startups vie for Davos economic forum award – Two plastics recycling companies are among six organizations asking for online votes as they vie for top honors at a sustainability award at the upcoming World Economic Forum in Davos, Switzerland – Recycling startups Davos economic forum - Arhive
Two plastics recycling companies are among six organizations asking for online votes as they vie for top honors at a sustainability award at the upcoming World Economic Forum in Davos, Switzerland.
Banyan Nation, which is trying to build a socially-responsible plastics recycling business in India, and the Los Angeles-based start-up Bureo, which turns abandoned fishing nets into new products, are both finalists in the People’s Choice award in the Circulars, a competition organized by the WEF and the Forum of Young Global Leaders
Global online voting is open until Jan. 17. The winners will be announced at a Jan. 22 ceremony.
Hyderabad-based Banyan Nation said the award will help its effort to push demand for high-quality recycled plastics in India.
“The nomination lends global voice to the regional innovation, a huge opportunity for our circular economy model,” said CEO Mani Vajipey. “The vision is to make use of recycled plastics a norm as major brands still prefer virgin plastic and stay away from usage of recycled plastics.”
Technology developed by Banyan removes contaminants like metals, paints, dirt and oils from plastics. Most of the plastic recycling and collection in India is done in the so-called informal sector, which in the absence of a proper cleaning process, reduces quality of recycled plastic.
Therefore, demand for recycled plastic is low, compared to developed nations where leading brands use recycled plastics in packaging.
The company said it has ongoing projects like bumper-to-bumper recycling with Indian car producer Tata Motors and shampoo bottles made from recycled plastic for consumer products maker L’Oreal.
The company, which began in 2013 with start-up funding of about $800,000, hopes the recognition can help it grow.
“Currently, we have capacity to recycle 1,200 [metric tons] of plastics annually and we are looking at hiking installed capacity to 10,000 TPA in the next three years,” Vajipey said.
The company’s 20,000-square-foot plant employs 20 people. Vajipey and his partners left engineering and tech jobs in the United States to start Banyan.
Bureo Inc., the other plastics-related nominee for the People’s Choice award, launched a fishing net collection and recycling program in Chile in 2013, and turns the material into products.
The company says discarded fishing nets account for 10 percent of the plastic pollution in the ocean.
The company was formed by Ben Kneppers, David Stover and Kevin Ahearn after finding abandoned fishing nets as a major source of waste during surfing holidays in Australia.
The company received $124,000 in two rounds of seed funding from Start-Up Chile, a funding program for social ventures in the South American country.
It is now partnering with companies like Patagonia, Humanscale and Jenga for skateboards, sunglass frames and outdoor clothing.
Source : PlasticsNews