A joint venture between Clean Planet Energy (CPE) and Crossroads Real Estate could lead to up to 10 new advanced plastic recycling facilities being build across the UK.
Crossroads Real Estate will fund the first CPE ecoPlant in Teesside and this will be the first of 10 that are being planned across the UK.
Sites in Lincolnshire, Gloucestershire, Lancashire and South Wales have been identified so far that will take advantage of over £400 million in investment.
Each ecoPlant will be designed to accept 20,000 tonnes of hard-to-recycle plastics each year. These plastics will be converted either into ultra-low sulphur fuels for transport or petrochemical feedstocks for new plastic production.
Indeed, CPE already has a deal in place with energy company BP to take its products generated by these ecoPlants.
CPE group chief executive Bertie Stephens said: “Clean Planet Energy’s mission is to remove 1 million tonnes of non-recyclable plastic waste from our environment every year.
“This exciting partnership gives us the capacity to make a significant dent to this target. Having Crossroads Real Estate join us, not just on the development of 10 new UK ecoPlant projects, but also on the construction of the current Teesside ecoPlant, means in Crossroads we have a partner, who like us is focused on making a sustainable difference with its investments, delivering on a vision of a greener United Kingdom and beyond.
“We’re now reaching out to local councils and private partners across the UK who could benefit from a reduction in plastic waste entering their landfill.”
CPE has operations in UK, USA, France and South-East Asia.