SK Geocentric-Loop to Establish Plastic Recycling Plant in Ulsan

Possessing Underwater Polymerization Technology... Joint Venture Establishment Agreement
Targeting Construction of 3 Asian Factories by 2030

SK Geocentric is establishing the world's first comprehensive plastic recycling cluster in Ulsan and forming a joint venture with a global company that possesses core recycling technologies.

On the 3rd, SK Geocentric announced that it signed a Joint Venture Agreement (JVA) with Loop, a Canadian company. The signing ceremony was held via online video connection, attended by Na Kyung-soo, President of SK Geocentric, Daniel Solomita, CEO of Loop, and other representatives from both companies.

Na Kyung-soo, President of SK Geocentric (right), agreed to establish a joint venture with Daniel Solomita, CEO of Loop, during a signing ceremony held via online video connection on the 3rd.

The two companies plan to invest in the joint venture with a 51 to 49 share ratio and establish the joint venture within this year. The joint venture will build a 70,000-ton-per-year depolymerization recycling plant at the Plastic Recycling Comprehensive Cluster (Ulsan ARC) that SK Geocentric is constructing, aiming for completion in 2025.

Loop possesses depolymerization technology, a type of chemical recycling for waste plastics. Depolymerization technology breaks down the polymer chains of plastics such as colored PET bottles and waste polyester fibers back into basic plastic raw materials.

Sportswear, sewn fabrics, banners, and other products made from polyester are currently difficult to recycle with existing technology and are mainly incinerated or landfilled. After the joint venture plant is established in 2025, it is expected to recycle polyester fibers, reducing waste and contributing to environmental pollution prevention.

Additionally, the joint venture will hold exclusive rights for the commercialization of depolymerization technology in Asia. The two companies have set a goal to build at least three depolymerization plants in Asia by 2030.

SK Geocentric is also promoting the establishment of a plastic recycling joint plant with Loop in Europe. The two companies are collaborating with Suez, an environmental specialist company in France, aiming to establish a recycling plant with an annual capacity of 70,000 tons by 2027 in the Sainte-Marie-aux-Ch?nes region in northeastern France.

Na Kyung-soo, President of SK Geocentric, said, "Not only has the construction of the recycling plant become more concrete, but we have also taken a step closer to our goal of becoming the world's best recycling materials company. We will actively strive to contribute to solving the global plastic waste problem through continuous cooperation with Loop."

This content was produced with the assistance of AI translation services.