The Coca-Cola Company (CCC) has announced a new agreement to extend a loan to Ioniqa Technologies to facilitate the development of Ioniga’s PET technology.
This technology produces high-grade recycled PET content from hard to recycle PET waste and also supports the circular economy for plastics by allowing packages such as coloured PET bottles to be recycled into food-grade quality packaging.
The agreement is designed to accelerate the creation and deployment of high-grade recycled content PET for use in the CCC’s bottles.
This investment follows the firm’s goal to create packaging made from at least 50% recycled material by 2030.
Ioniqa’s technology coverts hard to recycle PET into purified polymer building blocks that can be later re-formed into high quality PET.
The technology has been validated and a 10 kMT industrial plant is under construction in the Netherlands for commissioning in 2019.
CCC chief innovation officer Robert Long said: “Our investment in new and pioneering recycling technologies is an opportunity for significant movement toward closing the loop and creating a circular economy for PET. We plan to continue investment in developing the right partnerships and initiatives – like with Ioniqa – to support our vision of a World Without Waste.”
Ioniqa chief executive Tonnis Hooghoudt said: “Partnering with The Coca-Cola Company is a further validation of our journey to launch this unique process for transforming hard to recycle PET-waste to high quality food-grade material.
“The Ioniqa process allows for significant recovery and reuse of plastic materials that might otherwise not be recycled while delivering quality food grade PET. The launch of our plant next year will be a step change in the transformation of hard to recycle PET plastic into a more widely usable recycled material and supporting Coca-Cola’s vision.”