WHAT WE DO
Greenback was founded to address the problem that most plastic packaging doesn’t get recycled, causing massive environmental damage. The world’s largest Consumer Packaged Goods (CPG) companies have committed to use a higher percentage of plastic from recycled sourced (R-plastic) in their packaging but the supply is not there, especially for food packaging. R-plastic prices exceed virgin plastic (i.e. plastic made from fossil oil), leaving the recycling industry, its CPG customers and consumers with a trust problem regarding the provenance of materials. This presents a major fraud and reputational risk for the world’s biggest brands.
HOW WE DO IT
Greenback is building a distributed network of Advanced Plastic Recycling solutions by combining:
Waste collection: Feedstock is sourced by partnering with existing local waste collectors who are paid, via our Circularity Platform based on the quality of the plastic they deliver.
Decentralized Chemical recycling: Modular plants are co-located where waste already exists (e.g. landfills) so can be rolled out fast. Plants are scaled to fit the available waste streams. The pyrolysis oil produced is sold to petrochems to make new food-grade plastic packaging for CPG companies.
Circularity Platform: IoT and Blockchain technologies collect evidence that the pyrolysis oil has come from post-consumer waste, i.e. that the solution is driving the collection and recycling of plastic that doesn’t get recycled today. This guarantees us a premium for our product as CPGs can build trust that their packaging is made from R-plastic.