Plastic-fuel recycling company Polyflow will sell its first-scale factory to BP. In a message released on March 20th, Ohio-based Polyflow and BP reached an agreement.
The plant will be put into use in 2019 and will convert more than 200 million pounds of plastic waste annually into 16 million gallons of ULSD and naphtha. At the same time, the facility will also produce commercial grade industrial waxes.
Under the terms of the agreement, BP will purchase all diesel and naphtha produced by the Polyflow facility for distribution on the regional oil market.
In a press release issued by British Petroleum executive Carey Mendes, BP, as a global energy company, is focused on meeting the double challenges of society in demand for more energy while also working to reduce carbon emissions.
'An agreement like this highlights our commitment to help drive the transition to a low-carbon future, which is embedded in the core of our business strategy.' BP head of global oil Americas marketing and trading business in Chicago Said.
Jay Schabel, CEO of Polyflow, stated that the agreement shows that the company provides a viable business model for energy recovery in North America.
Officials said that once the plant is completed and put into use, it will create a new market for increasingly complex plastic films, flexible packaging and other low-value plastic waste. Before these wastes were usually shipped to landfills or polluted local water sources.
Polyflow's pyrolysis technology melts plastic waste at 1000 degrees Celsius and then concentrates the vapor into a liquid slurry containing aromatic chemicals.