The EIB funding will allow Borealis to advance the development of new polyolefins-based circular solutions
Borealis innovation headquarters in Linz, Austria. (Credit: Borealis AG)
Austria-based polyolefins manufacturer Borealis has secured a €250m loan from the European Investment Bank (EIB) to develop circular economy solutions for plastics.
The funding will help the company to advance its research, development and innovation (RDI) programme in the area of plastics circularity.
Borealis will use the EIB funding to advance the development of new polyolefins-based circular solutions at its innovation centres in Austria, Sweden and Finland.
EIB vice-president Ambroise Fayolle said: “The promotion of circular solutions in the polyolefins industry is aligned with our goals to accelerate the transition to a circular economy, including for plastics, and to support cutting-edge innovation.”
Borealis’ polyolefins are used in several industrial applications
Borealis produces polyolefins that are used in a range of applications such as packaging, consumer products, power transmission cabling, and industrial and construction materials.
Borealis stated that the circular economy is one of three major areas in the new 2035 group strategy, announced earlier this year.
The company’s Borstar, Borlink and Borceed technologies have been supplemented with Borcyle recycling technology to produce recycled polyolefins (rPOs).
It also produces Bornewables portfolio of circular polyolefins by using renewable feedstock derived from waste and residue streams.
The firm already commenced working with value chain partners for the development and distribution of value-added circular solutions to different industries such as consumer packaging, energy and automotive. Borealis intends to incorporate a significant share of recycled plastics in its products.
Borealis CEO Alfred Stern said: “We are exceedingly pleased to be able to boost our research and innovation activities in Europe thanks to the EIB.
“It is good to have strong partners who share our belief in the importance of re-inventing for more sustainable living.”
In March this year, Borealis commenced production of polypropylene (PP) from Neste’s renewable propane at its two production sites in Kallo and Beringen, Belgium.