
istockphoto.com
Westlake Innovations Inc., Houston, a subsidiary of Westlake Corp., has invested in the Circular Plastics Fund. The fund seeks to accelerate the transition to a circular economy of plastics by scaling up advanced recycling technology companies that transform plastic waste streams into primary commodities used for new plastic products.
Westlake says its investment builds upon its commitment to helping develop a more sustainable future through continuous improvement in its own manufacturing as well as strategic investments in technologies and startup firms. The amount of the investment was not disclosed.
Westlake Innovations was formed in 2021 to facilitate the company’s potential investments in new technologies and pursue digital, mechanical or chemical applications such as new materials or recycling. Westlake is a global manufacturer and supplier of materials and products found in housing and construction, packaging, health care, automotive and more.
The Circular Plastics Fund (CPF), registered in Luxembourg, is registered as an Article 9 “dark green” impact fund under the European Union’s Sustainable Finance Disclosure Regulation. Infinity Recycling, Rotterdam, Netherlands, manages the CPF, which was created to catalyze the world’s transition to a closed-loop plastics economy in which residual polymer waste streams, globally representing over 85 percent of plastic scrap, are converted into building blocks for the manufacturing of new plastics. The fund’s strategy aims to reduce the carbon footprint of the plastics economy and contribute to eliminating the world’s plastic waste problem.
Infinity Recycling was established in 2019 to create markets for end-of-life waste streams by investing in waste valorization technologies. As its first offering, the CPF makes a significant contribution to solving the plastic waste problem and unlocking much-needed capacity in high-in-demand recycled commodities. Infinity says the fund implements a return-driven investment strategy that drives value creation in advanced recycling and accelerates the transition to a circular economy for plastics.
Latest from Recycling Today
- Cascades invests $3.5M in Kingsey Falls, Quebec, tissue plant
- 3form closing the loop in style
- Mount Vernon, Ohio, city council tightens waste hauling regulations
- Retail associations sign MOU to form producer responsibility organization for textiles in California
- WM opens 12 recycling facilities in 2024
- Redwood Materials, GM aim to repurpose EV batteries for energy storage systems
- Talk of US tariff on copper imports contributes to COMEX volatility
- Plastics recyclers report difficult conditions