Plastic Recycling: Total and PureCycle Technologies Form a Strategic Partnership
May 19 2020 - 2:56AM
Dow Jones News
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement
with PureCycle Technologies to develop a strategic partnership in
plastic recycling. As part of the agreement, Total undertakes to
purchase part of the output of PureCycle Technologies' future
facility in the United States and to assess the interest of
developing a new plant together in Europe.
PureCycle Technologies uses an innovative, patented technology
to separate color, odor and any other contaminants from plastic
waste feedstock to transform it into virgin-like recycled
polypropylene. The company, which will begin construction on its
first plant in Ohio (U.S.A.) this year, will produce 48,000 tons of
recycled polypropylene.
"This partnership is an important new milestone for Total as it
strengthens the Group's position in chemical recycling. This first
partnership in the United States opens new perspectives for
addressing the challenge of the circular economy and achieving our
ambition of producing 30% recycled polymers by 2030", said Valérie
Goff, Senior Vice President, Polymers at Total.
"Total possesses world-class expertise in the research,
development and production of polypropylene. We believe Total
represents the best possible strategic partner for PureCycle as we
strive to scale this very promising and transformational technology
globally. The introduction of recycled polypropylene that can be
used interchangeably with virgin resin will have an enormously
beneficial impact on the global plastics circular economy. Total
shares our passion to make this happen and we are very pleased to
have them as a strategic partner", commented Mike Otworth, CEO of
PureCycle Technologies.
Total and Plastics Recycling
Total is deeply committed to recycling plastics and intends to
produce 30% recycled polymers by 2030. To achieve that goal, it is
working on all types of recycling to improve the properties and
uses of recycled plastics:
-- Total is a leader in innovative polymers, pioneering with the production
of some fifteen grades of polypropylene and polyethylene containing at
least 50% recycled materials.
-- Total has also become involved in mechanical recycling by acquiring
Synova, French leader in the production of high-performance recycled
polypropylene for the automotive industry. The affiliate's output will be
doubled to reach 40,000 tons by 2021.
-- In the area of chemical recycling, Total has joined forces with Citeo,
Recycling Technologies, Nestlé and Mars in December 2019 to develop
chemical recycling of plastics in France.
***
About Total
Total is a broad-energy company that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner
and accessible to as many people as possible. Active in more than
130 countries, our ambition is to become the responsible energy
major
About PureCycle Technologies
PureCycle Technologies offers the only recycled polypropylene
with properties equal to virgin polymer. Our proprietary process,
invented by Procter & Gamble, removes color, odor, and other
contaminants from recycled feedstock resulting in virgin-like
polypropylene suitable for any PP market. PureCycle Technologies
licenses technology from Procter & Gamble. To learn more, visit
www.purecycletech.com.
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms "Total", "Total Group" and
Group are sometimes used for convenience. Likewise, the words "we",
"us" and "our" may also be used to refer to subsidiaries in general
or to those who work for them. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any
obligation to update publicly any forward-looking information or
statement, objectives or trends contained in this document whether
as a result of new information, future events or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200518005812/en/
CONTACT: Total
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
PureCycle Technologies
Media Relations: (312) 731-0715 I press@purecycletech.com I
@PureCycleTech
SOURCE: Total
Copyright Business Wire 2020
(END) Dow Jones Newswires
May 19, 2020 02:41 ET (06:41 GMT)
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