Major US packaging company Sealed Air has invested in the London-headquartered chemical recycling firm Plastic Energy.
Details of the size of the investment have not been revealed, but Sealed Air and Plastic Energy have also signed a collaboration agreement.
Through this collaboration, Sealed Air hopes to use Plastic Energy’s plastic chemical recycling process to eliminate plastic waste.
Sealed Air president and chief executive Ted Doheny said: “We’re excited to join forces with Plastic Energy to innovate faster and accelerate the development of new technology that eliminates waste and ensures a circular economy for plastics.
“This collaboration will help us meet our 2025 sustainability pledge and lead the way in transforming our industry.”
Plastic Energy founder and chief executive Carlos Monreal added: “We are delighted to start this new strategic collaboration with Sealed Air, which will lead to the acceleration of development of the advanced recycling industry as well as provide a circular solution for more and more plastics.”
Plastic Energy was established in 2012 and has two operations in Spain and is developing projects in Western Europe and Asia. It aims to have 50 facilities operating over the next ten years.
Sealed Air generated $4.8 billion in sales in 2019 and has customers in 124 countries.