By: ICN Bureau
Last updated : October 17, 2024 11:41 am
The company aims to deploy its solutions globally, reinforcing its commitment to sustainable plastics management
Chevron Phillips Chemical (CPChem) has joined other investors to fund commercialization of advanced plastic circularity process technology with Alterra.
Alterra’s innovative technology converts discarded plastic into valuable resources, reducing landfill dependence and supporting the transition to a circular economy. With this new funding, the company aims to deploy its solutions globally, reinforcing its commitment to sustainable plastics management.
CPChem said its investment in Alterra’s technology is representative of its commitment to sustainability.
"This investment in Alterra reflects our company’s broader sustainability goals, including collaborating globally to advance the circular economy,” CPChem’s Vice President of Sustainability at Chevron Phillips Chemical Benny Mermans said. “We support ending plastic waste in the environment by sustainably recycling used plastics to create new and valuable products.”
Other investors include Infinity Recycling and LyondellBasell. Alterra also received additional equity investments as part of this round of financing from Neste and long-term private investor Potenza Capital.