Plastic Energy Global aims to create a circular economy for plastics by avoiding the plastic waste entering into landfills and oceans
Packaging solutions provider Sealed Air has announced an equity investment in Plastic Energy Global, the parent company of an advanced recycling technology company Plastic Energy.
The company has also collaborated with Plastic Energy, which focuses on the conversion of post-consumer plastic waste into new recycled oil that can be used to produce essential packaging solutions such as protective packaging for food.
Founded in 2012, Plastic Energy Global is working with the aim of establishing a circular economy for plastics by avoiding plastic waste entering into landfills and oceans.
The company, which is based in London, manages two operations in Spain. With projects developing in Western Europe and Asia, the company aims to open 50 new facilities over the next 10 years.
Plastic Energy founder and CEO Carlos Monreal said: “We are delighted to start this new strategic collaboration with Sealed Air, which will lead to the acceleration of development of the advanced recycling industry as well as provide a circular solution for more and more plastics.”
Plastic Energy plans to process 300,000 tonnes of plastic by 2025
Plastic Energy has developed a technology platform that helps to divert plastic waste from landfills. The company intends to process 300,000 tonnes of plastic by 2025.
The collaboration with Plastic Energy will allow Sealed Air to eradicate plastic waste and support complementary approaches to recycling, as well as facilitate its customers to integrate recycled plastics back into their packaging.
In 2018, Sealed Air announced a sustainability and plastics commitment to producing packaging solutions, which are 100% recyclable or reusable by 2025.
Last year, the company joined the Alliance to End Plastic Waste, a global platform that invests in solutions to minimise plastic waste in the environment.
Sealed Air president and CEO Ted Doheny said: “We’re excited to join forces with Plastic Energy to innovate faster and accelerate the development of new technology that eliminates waste and ensures a circular economy for plastics.”
Sealed Air’s packaging portfolio is comprised of Cryovac brand food packaging, Sealed Air brand protective packaging, Autobag brand automated systems and Bubble Wrap brand packaging solutions.
In January this year, Sealed Air introduced a new version of Bubble Wrap brand packaging material, which is produced by using around 90% recycled content.