SK geo centric (SKGC) and PureCycle Technologies, Inc. (PCT), 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 was initiated in August 2021 with the signing of a memorandum of understanding (MoU).
PureCycle is the world’s only company that has proprietary technology to separate contaminants, odors, and colors from PP plastic waste to transform it into ultra-pure recycled (UPR) plastic. This technology can be used for commercial production and to recycle contaminated food storage containers, colored detergent bottles, and automotive interior plastic–which are mostly incinerated because they are difficult to recycle–into UPR.
PP is a plastic used widely in everything from consumer products and food packaging to automotive interior materials. Because of the common practice of combining PP with other materials and additives, there have been limitations in traditional mechanical recycling to separate contaminants and produce a like-new recycled plastic. The cooperation between the two companies is designed to create a joint venture that will not only recycle plastic waste and provide South Korea with UPR, but also be able to develop diverse consumer products.