PureCycle Technologies signs MOU with Japanese investment firm Mitsui

Mitsui’s expertise will position PureCycle very well in Japan and will expand operations globally. Mitsui will help facilitate the pre-construction, on-the-ground operations and will be an integral part of PureCycle’s work in Japan. The MOU with Mitsui comes on the heels of PureCycle’s successful second quarter 2021 update. Construction on the flagship Ironton, Ohio PureCycle recycling facility, is well underway and expected to begin commercial production in the fourth quarter of 2022, and the company recently announced the location for the first cluster facility in Augusta, Georgia, PureCycle said in a media statement.

PureCycle has already presold more than 20 years of UPRP output from the Ohio plant and has already allocated 40 per cent of its second plant in Augusta to Ohio facility customers. PureCycle is seeing strong demand from premium brands, like L’Oréal, who are looking to deliver recycled content into premium applications without sacrificing quality.

“We believe Mitsui is the best partner for PureCycle to help us lead and navigate the process of building an ultra-pure recycled polypropylene plant in Japan. Through the collaboration with Mitsui, we are now one step closer to our goal of reducing plastic waste across the world and revolutionising the way people use plastic products. There is no reason polypropylene waste shouldn’t be recycled and transformed into ultra-pure, sustainable polypropylene,” Mike Otworth, PureCycle CEO said in a statement.

“Mitsui has identified sustainability management and the evolution of ESG as key areas of its corporate strategy. Through this new joint project with PureCycle, Mitsui aims to contribute to the overall reduction of plastic waste and the establishment of a circular economy in Japan. By securing plastic waste as the raw material, manufacturing recycled PP resin, and expanding the applications of the material for consumer goods, food containers, and automobile interiors, Mitsui aims to make a meaningful contribution to the creation of the more sustainable society,” Hiroshi Kakiuchi, managing officer, chief operating officer of the performance materials business unit at Mitsui said.

Fibre2Fashion News Desk (GK)