South Korea-based SK Geo Centric (SKGC) and PureCycle Technologies Inc., an advanced recycling company based in Orlando, Florida, have signed a nonbinding head of agreement (HOA) to open a recycled polypropylene (PP) plant in Ulsan, South Korea. The companies say it is the first of its kind in Asia.
According to a joint news release, the facility is expected to have an annual capacity of 60,000 tons. It has an expected completion at the end of 2024.
The partnership between the two companies will combine SKGC's strengths with PureCycle's purification technology to supply recycled plastic resin to the growing market. PureCycle says it will leverage its plant module construction processes and partnerships to accelerate the building of the plant in South Korea.
Purecycle says the cooperation between the companies creates a joint venture to recycle plastic waste and provide South Korea with unsaturated polyesters and develop consumer products.
"I'm thrilled PureCycle and SKGC are progressing toward opening a recycling facility in Ulsan over the next three years,” says Mike Otworth, CEO of PureCycle. “Combining SK Geo Centric's expertise and knowledge of the industry in South Korea with PureCycle's patented technology that transforms plastic waste into a renewable resource, we can work toward tackling the plastic waste crisis that has impacted every corner of the world."