Kolon Partners with Swiss Company for Eco-Friendly Plastic Business Cooperation
Jang Hee-gu, CEO of Kolon Industries (left in the photo), and Myrichio Kripa, CEO of Gr3n, exchanged a non-face-to-face handshake after signing an MOU on the 26th.
[Asia Economy Reporter Choi Dae-yeol] Kolon Industries announced on the 30th that it has signed a partnership memorandum of understanding (MOU) with the Swiss company gr3n to expand its eco-friendly plastic business.
gr3n is a company that possesses technology to recycle used polyester (PET) through chemical processes. Kolon explained that gr3n has proprietary technology that uses microwaves to reduce the energy and time required to convert waste PET into high-purity raw materials. They also have closed-loop technology that reinjects byproducts, which are inevitably generated during the raw material production process, back into the PET decomposition process.
The existing mechanical recycling method using heat treatment has limitations in removing impurities contained in waste plastics, thus restricting recycling. In contrast, the chemical recycling method possessed by this company can extract high-purity raw materials regardless of the type or contamination level of the waste. Compared to conventional PET, the company explained that it reduces energy consumption and carbon dioxide emissions by about 30 to 40%.
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Under this agreement, Kolon will receive high-quality eco-friendly recycled raw materials produced by gr3n and manufacture recycled PET chips for various applications. They plan to cooperate in various ways, including core technology development, discovering new customers, and eco-friendly usage certification, and aim to start mass production of recycled plastics from 2025. They will collaborate in various forms in the eco-friendly materials sector. Jang Hee-gu, CEO of Kolon Industries, said, "Starting with this agreement, we will implement multifaceted efforts to realize global ESG (Environmental, Social, and Governance) management."
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