Plastic Waste is one of the biggest problems facing our global environment today and we possess an economically viable and scalable solution to recyclable plastics into usable polyester. The global demand for PET will reach 73 mtpa in 2020 and is expected to triple by 2050. Currently only 10% of polyester waste is captured for recycling and approximately 8 mtpa enters the oceans, the majority of this value is lost from the economy in the form of single use plastics with a market value of $80-120B. It is predicted that by 2050 there will be more plastic waste in the oceans than fish by mass.
Our process (in collaboration with Poseidon Plastics) is based on the conversion of waste PET to BHET and purification using a proprietary ionic liquid. This established technology has been scaled to 1000tpa and our BHET offtake partners have successfully manufactured three food grade standards of PET and completed 3 and 6 month leech and aging tests. The use of our proprietary ionic liquid insures all metallic impurities arising from the waste stream and catalytic impurities from the process remain in the ionic phase resulting in a stream of virgin PET.
CTO – Poseidon Plastics