LUXEMBOURG -- Alterra Energy, an innovative advanced recycling technology company, and Ravago, a global leader in polymer recycling and distribution, announced today that Ravago has acquired an equity interest in Alterra Energy.
Ravago will be a strategic partner in supplying pre-processed waste plastic to Alterra Energy's Akron, Ohio, facility -- which currently has the capacity to liquefy up to 60 tons per day of waste plastic for use as a feedstock for the manufacturing of plastics and chemicals -- as well as for future commercial installations.
Alterra Energy and Ravago plan to combine forces to provide integrated recycling solutions that support the transition toward decarbonization, decreasing virgin fossil resource dependency and increasing circularity for its petrochemical and chemical partners.
The Ravago transaction is the second strategic partnership this year for Alterra Energy. In January, Alterra Energy announced that Neste, the world's leading provider of renewable diesel and sustainable aviation fuel, and an expert in delivering drop-in renewable and circular chemical solutions, acquired a minority stake in the company.
"Ravago's equity investment supports Alterra Energy's continued efforts to accelerate the adoption of advanced recycling," said Frederic Schmuck, CEO of Alterra Energy. "We are pleased to be able to partner with Ravago in offering our petrochemical and chemical clients integrated solutions for hard-to-recycle plastics at the end of their first life."
Alterra Energy, which has developed and commercialized a continuous advanced recycling technology that transforms end-of-life plastics into petrochemical feedstock, will process the Ravago-supplied waste plastic into ISCC PLUS certified material. Alterra will then market this material for further refining and conversion into circular building blocks for the plastics and chemicals producing industry.
"Alterra Energy is leading the way in the advanced recycling market. We are excited to be collaborating with its leadership team as they provide a vital service in solving the plastics pollution challenge," said Theo Roussis, CEO at Ravago. "We have long been at the forefront of mechanical plastics recycling—our collaboration with Alterra Energy adds advanced recycling to strengthen and support these efforts. Our ambition in the coming years is to do multiple recycling investments with our key partners to address the problem of plastic waste in a meaningful way."
About Alterra Energy
Alterra Energy is solving the plastic pollution challenge on a global scale with the development and commercialization of a continuous advanced recycling technology. At its Akron, Ohio plant, the company converts plastic destined for landfills into petrochemical materials that can be further refined into new plastic production and other petrochemical products. Alterra Energy utilizes a scalable, patented, thermochemical liquefaction technology to process and recycle waste plastic, diverting millions of pounds of plastic from landfills. Its team of engineers, experts and partners are driven by one purpose: creating a cleaner planet for future generations. Alterra Energy licenses its technology to entities looking to recycle more challenging plastics or seeking more sustainable products. It is partnering with companies in the solid waste industry, government entities and petrochemical companies.
Ravago, headquartered in Luxembourg, provides superior distribution, resale, compounding and recycling services for our customers, deploying advanced technology solutions to convert plastic raw materials into products that improve the sustainable quality of our life. Ravago represents more than 6,600,000 metric tons of annual polymer sales, serving more than 50,000 active customers through 325+ locations across more than 55+ countries worldwide. Ravago's production capability consists of 45+ manufacturing facilities of which 19 recycling and compounding plants in North America, Europe, Asia and Africa with a combined annual capacity of over 775,000 metric tons; 13 production plants in Europe that are offering finished product solutions for the building sector and 7 plants and 6 application laboratories for our chemicals business. This all would not have been possible without the contributions of its 8,000 employees.