The Global Commitment calls upon signatories to innovate to ensure that the plastics we do need are reusable, recyclable, or compostable and circulate all the plastic items we use to keep them in the economy and out of the environment. These are core to Recycling Technologies’ feedstock recycling approach, where end-of-life plastic is converted back into oil from which new plastic can be produced. Recycling Technologies is emerging as a market-leading technology provider in the feedstock recycling sector. Consequently, the company has experienced a surge in interest during the year from around the world as the need for feedstock recycling to enable much higher levels of plastic recycling has become very clear in the marketplace. Policy makers, petrochemical companies and brand owners have this year aligned to work with companies, like ours, to make the circular economy approach work.
Our Global Commitment aim is to build capacity for feedstock recycling. During the last year, Recycling Technologies continued to operate and advance its Beta plant in the UK, for trial and training purposes and we have commenced the building of RT7000#1, the first full-scale commercial plant, to be installed at Binn Eco Park, Perthshire. Additionally, the company signed an agreement for a RT7000 plant in the Netherlands, at the Brightlands Chemelot site, a strategic petrochemical hub in the south of the country and in line with our aspirations as an exporter of advanced engineering equipment.
To bridge the gap between the waste sector and the petrochemical sector, the company entered into a partnership with the global oil company Neste, the world leader in the refining of recycled feedstocks, and an off-take contract has been agreed with Neste for our primary output, Plaxx®. Recycling Technologies worked, and continues to work, with partners in the global branded packaged goods, retail and petrochemical sectors to accelerate the development of the plastics circular economy, by conducting trials of waste materials and Plaxx® for the purposes of making new food-grade packaging with recycled content. The increased cooperation within the value chain and relationship with Neste means we are confident we will deliver the expansion of our technology to meet demand for recycling capacity, enabling plastic to become a more sustainable and circular material.
We look forward to sharing a link to the full Global Commitment 2020 Report later in the year.