LONDON, UK — Greenback Recycling Technologies has announced it has entered into a Memorandum of Understanding (MoU) with PolyCycl, an India based chemical recycling technology company working to generate circular petrochemical feedstock from post-consumer landfill waste plastics.
The MoU provides a framework for the companies to formulate a broad-based business partnership including investments and product offtake rights, with an intention to implement plastic-to-oil projects in India based on PolyCycl’s patented fully-continuous pyrolysis technology. Such projects would generate up to 6,000 tonnes of certified pyrolysis oil in the short term and up to 24,000 tonnes in the medium term, using waste plastics mined from landfills and legacy heaps.
The agreement will build on the progress both companies have already made in developing low-cost technology solutions to process hard-to-recycle waste plastics. PolyCycl has completed pioneering work in segregation and pre-processing of waste plastics from landfill waste heaps and its conversion to refined petrochemical feedstocks using a patented, fully continuous depolymerization process. Greenback will be deploying its eco2Veritas Circularity Platform to form an evidence based, uncorruptible and immutable waste certification system based on Artificial Intelligence and secured on Blockchain technology.
Greenback aims to aggregate certified pyrolysis oils to provide a critical mass of feedstock to the petrochemicals industry to accelerate the transition to a circular economy for plastics. Using the Circularity Platform, these pyrolysis oils come with evidence-backed certification and full supply chain visibility to prove to value chain partners, buyers of plastic and end consumers that they are addressing the plastic waste crisis through their use of recycled plastic. Philippe von Stauffenberg, Greenback Founder and CEO said: “We are delighted to reach an agreement with PolyCycl to further our advanced recycling programme of activity around the world. PolyCycl and Greenback share a common vision of advanced recycling driving the growth of renewable feedstocks from everyday waste, which ultimately leads to the much- needed circular economy in plastic packaging.”
Amit Tandon, PolyCycl CEO commented: “We are delighted to be working with Greenback to deploy their eco2Veritas Circularity Platform to further the work we have done at the company for creating a circular economy for hard-to-recycle landfill waste plastics. Our approach focuses on segregation and pre-processing of unrecyclable polyolefin waste plastics from landfill sites and legacy heaps, converting such plastics to high value pyrolysis- oils using the company’s patented fully-continuous technology and upgrading the generated oils using our proprietary Py-oil Purification Train. Today, more than 5 billion tons of waste plastics are littered in landfills all over the world and we are pleased to be working with Greenback on a solution for this significant problem.”
The partnership will also deploy neutralization and circularity certification in Asia, based on voluntary EPR, enabling major brands to play their part in building a more sustainable economy for plastics.