SK geo centric (SKGC) and PureCycle Technologies, Inc., a U.S. advanced recycling company revolutionizing plastic waste, signed a non-binding head of agreement to open Asia's first recycled polypropylene (PP) plant in Ulsan, South Korea. The facility is expected to have an annual capacity of 60,000 tons and an expected completion at the end of 2024. The HOA progresses the business relationship between the two companies, which initiated in August 2021 with the signing of a memorandum of understanding (MOU).  

 

Na Kyung-soo, President and CEO of SK geo centric, visited PureCycle's Feedstock Evaluation Unit, an R&D facility and demonstration plant in Ohio, in November 2021 to evaluate its solvent extraction technology and discuss collaboration plans to deepen the relationship. On January 6 at CES 2022 in Las Vegas, SKGC and PureCycle agreed to key terms that will be included in the joint venture agreement to be negotiated between the two companies.  

 

Kim Jun, Vice Chairman and CEO of SK innovation, said,"SK Geo centric will play a major role in SK Innovation's'Carbon to Green strategy,' along with the battery business." He added, "We will continue to innovate existing business models and further expand cooperation with global companies with eco-friendly technologies to build a pure plastic environment."  

 

Mike Otworth, PureCycle, CEO, said, "I am thrilled PureCycle and SKGC are progressing toward opening a recycling facility in Ulsan over the next three years. Combining SK geo centric's expertise and knowledge of the industry in South Korea with PureCycle's patented technology that transforms plastic waste into a renewable resource, we can work toward tackling the plastic waste crisis that has impacted every corner of the world."