Meridian Waste Solutions Inc. signed a non-binding term sheet with Advanced Lignin Biocomposites LLC to create a joint venture to develop Advanced Lignin’s biomaterials technology portfolio.

Advanced Lignin says it has a viable pathway to produce low cost, high performance materials from lignin, a byproduct of the pulp and paper and cellulosic biorefining industries. Advanced Lignin believes it can recover and convert lignin into higher value and better performing materials more cost effectively than those methods previously available.

While Advanced Lignin plans to produce many different materials, including adhesives, renewable fuels and carbon fiber, its initial focus will be to produce high performance green plastics.

Paper mills and cellulosic fuel providers generally burn the lignin contained in their byproduct stream as a source of energy. While it takes about two pounds of petroleum to produce only one pound of plastic, Advanced Lignin believes it can displace about one pound of petroleum derived plastic with about one pound of lignin. As a result, this would reduce the carbon footprint of plastic products.

“The solid waste industry has a responsibility to identify and maximize economic benefit from the materials it collects for processing and/or disposal,” Meridian Waste CEO Jeff Cosman said in a statement. “The plastic recycling platform has been our industry’s staple in its effort to contribute to environmentally friendly and sustainable solutions. While Meridian Waste will continue to support these traditional recycling efforts, we believe that there are additional pathways that can achieve significantly greater results in terms of sustainability and economic benefit. Our new joint venture will explore one such pathway as it essentially participates and contributes to nature’s most efficient and ongoing carbon capture and recycling activities. We look forward to what lies ahead for our company and shareholders and will continue to announce our progress on an ongoing basis.”