PureCycle looking at expansion to South Korea with SK partnership
PureCycle Technologies Inc., which is working to commercialize a solvent-based approach to recycle polypropylene, is in talks with a chemicals company in South Korea to expand the approach.
SK Global Chemical of Seoul has signed a memorandum of understanding with PureCycle to explore a partnership that could ultimately lead to construction of a PP recycling facility in South Korea.
PureCycle officials, on a conference call Aug. 12, cautioned the MOU is not a commitment from either side, but just a step in the process of exploring a relationship.
The Orlando, Fla.-based company is using technology licensed from Procter & Gamble Co. to use solvents to transform used PP into what is described as an ultra-pure PP resin. Construction continues on the company's initial facility in Ironton, Ohio. PureCycle has identified Augusta, Ga., for a second, much larger location. The Ironton site is expected to begin production late next year.
"The partnership with PureCycle shows our deep commitment to creating a circular economy for plastics and shows that we can collaborate globally to solve the plastic-waste problem. At SK Global Chemical, we are focused on leading circular systems for plastics with top-notch technology, and that is why PureCycle is the perfect partner for us to continue this focus and amplify our goals," SK Global Chemical CEO Na Kyung-soo said in a statement.
"The sad reality is that 91 percent of plastic waste is not recycled. That is exactly why our work with SK Global Chemical will be incredibly important to reducing plastic waste and helping society view plastic as an infinitely sustainable material," PureCycle CEO Mike Otworth said.
SK Global Chemical supplies ethylene, propylene and butadiene.