Finland-headed oil refiner and renewable fuel producer, Neste Oyj, has announced that it has acquired the European rights to a proprietary thermochemical solution for liquefaction of hard-to-recycle plastics developed by US-based Alterra Energy LLC.
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In 2020, Neste acquired a minority stake in Alterra Energy. Neste has further processed liquefied waste plastic sourced from, among others, Alterra Energy in a series of trial runs at its refinery in Finland.
Together with Belgium-headed Ravago Group, a leading distributor and recycler of polymers, Neste also plans to set up a joint venture to deploy the Alterra Energy technology in Vlissingen, the Netherlands.
Furthermore, to scale up processing capacities for liquefied waste plastic at its Porvoo refinery in Finland, Neste is currently conducting a feasibility study to examine investing in proprietary pretreatment and upgrading capabilities.
Through chemical recycling, the company aims to reduce dependence on virgin fossil resources and accelerate circularity in the production of polymers and chemicals.
Acquiring the rights to Alterra Energy’s technology in Europe enables us to offer a holistic solution to our partners, said Heikki Färkkilä, VP Chemical Recycling at Neste Renewable Polymers and Chemicals.
Alterra Energy will continue to operate independently in the rest of the world with the aim of commercializing the technology through licensing.