Joint Venture Partnership to Build New Plastic Recycling Facility

SEATTLE (Scrap Monster): PureCycle Technologies, Inc. has collaborated with SK Geo Centric (SKGC) to build a new plastics recycling plant in Ulsan, South Korea. The joint venture agreement to set up the plant was recently signed in an event held at Orlando, Florida. The ceremony was attended by Na Kyung-soo, CEO of SKGC, and Dustin Olson, CEO of PureCycle.

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The proposed polypropylene (PP) purification plant will be jointly owned by the two partners and is expected to have processing capacity of up to 60,000 tons per annum. Furthermore, it will be the first such recycling plant in the entire Asian region. The plant, which aims to convert contaminated plastic feedstock into recyclable and reusable ultra-pure recycled resin, is expected to be completed by Q2 2025.

The opening of the PP purification plant in South Korea will help meet the growing demand for recycled plastic resin. Also, it is expected to deliver significant environmental benefits as most of the PP are currently either incinerated or dumped into landfills.

Na Kyung-soo, CEO of SKGC noted that the plant will boost Korea’s role in rapidly expanding global recycling industry. Meantime, Dustin Olson, CEO of PureCycle commented that the plant would be a critical milestone in the fight to tackle global plastic pollution crisis.