The new facility, which will use Brightmark’s plastics renewal technology, is expected to have 100,000 tonnes of capacity per annum
Global waste solutions provider Brightmark has entered into a memorandum of understanding (MoU) with petrochemical company SK Global Chemical to construct a commercial scale plastics renewal plant in South Korea.
The companies intend to create a joint venture to develop, finance, construct, and operate a plastics renewal facility, which will use Brightmark’s plastics renewal technology.
Brightmark founder and CEO Bob Powell said: “Brightmark is pleased to be able to partner with a leading global petrochemical company like SK Global Chemical that shares Brightmark’s focus on circular solutions to eliminate waste.”
The new South Korean plastics renewal facility is expected to have 100,000 tonnes of capacity per annum to boost the plastics-to-plastics circular economy.
Plastics renewal is said to be Brightmark’s proprietary type of pyrolysis, an advanced form of recycling with a capacity to recycle all types of plastic waste that has reached the end of its useful life.
The companies will conduct a feasibility study during this year and aim to combine the expertise of pyrolysis and post-treatment in South Korea.
By the end of this year, the firms will complete assessment of the optimal methods to operate, scale and develop Brightmark’s technology within South Korea earlier to the finalisation of a joint venture agreement for the plant development and operation.
SK Global Chemical is coordinating with its holding company SK Innovation to develop a post-treatment process to eliminate impurities and convert pyrolysis oil into plastic.
SK Global Chemical CEO Na Kyung-soo said: “This partnership with Brightmark will help establish us as leaders on this important challenge. In addition to our cooperation with Brightmark, SK Global Chemical’s Environmental, Social, and Corporate Governance (ESG) initiatives will continue to support the circular economy of plastic.”
In July 2020, Brightmark launched the largest ever solicitation for plastic waste and will deploy its circular solution for converting all types of plastic waste into sustainable fuels and other high-value products.