London-headquartered BP and Brightmark, a plastic scrap conversion technology company based in San Francisco, have signed a memorandum of understanding (MOU) to evaluate opportunities for the development of the next generation of plastic waste renewal plants in Germany, the Netherlands and Belgium.
According to a joint news release, the MOU combines BP’s knowledge and trading experience in refining and petrochemical markets with Brightmark’s recycling technology. The companies will evaluate opportunities for projects that convert end-of-life plastics into petrochemical feedstocks for plastics and other industrial applications.
Brightmark and BP say they intend to work together to develop plans that could lead to the construction of an initial European plant.
“Bringing our plastics renewal solution to Europe is a key next step in delivering on our mission to reimagine waste and create a circular economy globally,” says Bob Powell, founder and CEO of Brightmark. “BP has been a terrific partner with Brightmark, and we’re looking forward to expanding on our combined initiatives to scale our environmentally and economically sustainable circular solutions in Europe
Brightmark says each prospective plastic scrap processing plant could divert up to 400,000 tons per year of end-of-life plastics from disposal to create usable products and potentially create more than 100 full-time jobs supporting the circular economy.
“Promoting circularity and unlocking new sources of value are part of our sustainability frame,” says Carol Howle, executive vice president of trading and shipping for BP. “We are excited to extend our work with the team at Brightmark as we seek to develop new sustainable products and supply chains. Their innovative technology complements our refining and trading businesses while providing opportunities for a more sustainable future, enabling materials to be kept in use for longer.”
Through its plastic scrap conversion projects, Brightmark’s goal over the next five years is to divert 8.4 million tons of plastic from landfills and the natural environment and use plastic to produce the feedstock necessary to remake plastics, creating what it calls a truly circular solution. The company’s Ashley, Indiana, plant is still preparing for startup.