Lummus Technology, through its Green Circle subsidiary, announced that it has finalized a Letter of Intent (LOI) with Phigenesis, a UK-based company established to deliver ISCC+ certified renewable chemical feedstock for use in existing petrochemical plants to manufacture virgin grade plastics, suitable for all grades of application.
Under the agreement, Phigenesis will deploy the Lummus New Hope Plastics Pyrolysis Technology for a new chemical recycling facility with a capacity of 150,000 tonnes per annum. This will be the first license of the proven chemical recycling technology in Europe, and at this scale, the first project will significantly increase the current European chemical recycling capacity.
“Lummus has tremendous focus on providing innovative solutions to the marketplace that promote the global energy transition. Our technology for advanced chemical recycling of plastic waste is just one of the many pathways we are deploying to support this global effort,” said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. “We are extremely proud to support Phigenesis’ overall plan to deliver these units to the European market and thus to make a significant contribution to eliminate plastic waste.”
“Phigenesis is committed to delivering meaningful volume contributions to the circular and low emission economy, using significant quantities of otherwise unrecycled and incinerated waste plastics to produce feedstock for petrochemical facilities to make plastics, displacing virgin materials” Chris Moore, Chief Executive Officer of Phigenesis said. “We are delighted Lummus Technology is partnering with Phigenesis, enabling us to deploy the Lummus New Hope Plastic Pyrolysis Technology at a scale attractive to this evolving market.”
This agreement accelerates Phigenesis’ delivery of European projects, with the first site to be sized at 150,000 tonnes per annum, using proven operating technology. Based on the Lummus New Hope Plastics Pyrolysis process, the new facility will allow for a significant reduction in the carbon emissions compared to plastics waste incineration and virgin polymers production, and will help in the fight against climate change by a direct displacement of oil-derived feedstocks with recycled content. The technology is part of a partnership formed in 2020 between New Hope Energy and Lummus, combining Lummus’ ability to license, scale-up and further develop process technology and New Hope Energy’s operational experience and waste conversion technology.
Green Circle is a leader in commercializing and developing breakthrough solutions to address all the key pillars of the energy transition, including end-of-life waste plastics recycling, production of bio-derived sustainable chemicals and decarbonization strategies for existing and new assets.
Phigenesis has plans for developing five similar sized projects in Europe, including feedstock supply, product sales and delivery of engineering. Phigenesis’ approach to each project prioritizes the use of renewable energies and low emission technologies to ensure a major contribution to net zero is achieved.
About Lummus Technology
Lummus Technology is the global leader in developing process technologies that make modern life possible and focus on a more sustainable, low carbon future. Lummus is a master licensor of clean energy, petrochemical, refining, gas processing and renewable technologies, and a supplier of catalysts, proprietary equipment, digitalization and related lifecycle services to customers worldwide.
About Phigenesis Limited
Phigenesis was established in 2019 by a veteran team of energy asset developers who have deployed over £2.5 billion into port located infrastructure under project finance structures during the energy transition. Phigenesis was established to act as a platform for independent funding of transitional waste plastics conversion projects and associated commodities. Phigenesis is developing a fleet of waste plastic chemical recycling facilities across Europe, and appointed Alexa Capital (www.alexa-capital.com) earlier in 2021 as its financial advisor.