UK waste plastic recovery technology developer Pyroplast Energy Ltd, currently trading as Clean Planet Energy (CPE), and France-headed Andera Partners, an asset management firm specializing in private equity, have announced an agreement to enter into a joint venture partnership to develop multiple waste plastics to circular ultra-clean fuel CPE ecoPlants across France.
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According to the industry association PlasticsEurope, in 2018, the recycling rate for plastics reached 32.5 percent across the European Union (EU), but France sits well below this, at just 24.2 percent. In addition, recent circular economy laws in France seek to reach a 100 percent circular economy for plastics by 2025, but there’s a significant way still to go.
Our partnership with Andera Partners supports our vision for clean oceans and clean air. Collaborating with a like-minded group such as Andera Partners enables Clean Planet to enhance the delivery of our mission of removing over one million tonnes of non-recyclable plastic waste from our environment every year, commented Bertie Stephens, CEO of Clean Planet Energy.
Andera Partners is a major player in private equity investments in France and internationally. Its teams manage over EUR 2.8 billion in investments in life sciences, growth, and buyout capital, sponsorless transactions, and now energy transition.
The investment into Clean Planet’s operations across France marks Andera’s first investment into the clean fuel space.
Supporting Clean Planet Energy’s deployment in France contributes to solving both mobility and plastic environmental issues, commented Prune des Roches, a partner at Andera’s Smart Infra fund.
In addition to clean fuels, a Clean Planet ecoPlant can also produce green naphtha, an essential feedstock for creating a circular economy in recycled plastics. Clean Planet Energy is already in construction with ecoPlants in the UK, and this latest announcement seeks to grow its footprint.
Work is already underway, with the aim to launch the first Clean Planet ecoPlant in France in mid-2023.
In France, we will be developing ecoPlants that each converts over 20 000 tonnes of plastic a year into ultra-clean circular fuels. Each barrel of fuel will prevent around 400 kg of CO2e emissions from entering our atmosphere. Compared to fossil fuels, that’s over a 75 percent reduction. Together, these ultra-clean circular fuels will be used in industries within the marine, aviation, petrochemical, and refining sectors, where green alternatives (such as electricity) simply do not exist. It’s an immediate solution to the climate catastrophe, powered by removing waste plastics from the land, said Bertie Stephens, CEO of Clean Planet Energy.
