Rotterdam and Houston, February 11, 2022 – LyondellBasell (NYSE: LYB) today announced its investment in a Circular Plastics Fund led by global venture fund Infinity Recycling. This investment expands the company’s venture capital activities to help eliminate plastic waste in the environment and advance the circular economy.
“By investing catalytic capital in funds such as Infinity Recycling’s venture fund, we promote the collaboration required to propel a circular economy for plastics forward,” said Yvonne van der Laan, director of olefins and optimization at LyondellBasell. “We aim to help catalyze an additional five dollars from co-investors for every dollar we invest in venture funds focused on the recovery and recycling of plastic waste.”
With LyondellBasell’s investment, the fund will support early-stage companies deploying and developing advanced recycling technologies with a focus on bringing these technologies to scale in Europe.
In 2021, LyondellBasell was also a founding investor in Closed Loop Circular Plastics Fund, which is focused on accelerating infrastructure development and advanced technologies needed to increase the recovery of plastic waste in North America.
These investments align with LyondellBasell’s systemic approach to help end plastic waste in the environment and promote a circular, low-carbon economy. The company is focusing on mechanical recycling, advanced (molecular) recycling and the use of renewable-based feedstocks in its conventional production processes and aims to produce and market two million metric tons of recycled and renewable-based polymers annually by 2030.
LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world's largest producer of polypropylene compounds and the largest licensor of polyolefin technologies. In 2022, LyondellBasell was named to FORTUNE Magazine's list of the "World's Most Admired Companies" for the fifth consecutive year. More information about LyondellBasell can be found at www.lyondellbasell.com.
About the Infinity Recycling (Circular Plastics) Fund
Infinity Recycling’s Circular Plastics Fund intends to invest in “Advanced Recycling” technologies (pyrolysis, depolymerization, solvolysis, gasification), which convert end of life plastic waste back into valuable commodities (e.g. oil, solvent, polymers, monomers, naphtha, syngas). These commodities can be used as virgin grade feedstock for new products. Transforming waste into commodities enables a circular economy and generates significant, measurable financial and environmental returns.
The up to EUR 150 million Fund will invest in 12-18 proven advanced recycling technologies that can operate profitably. The fund has a strategy to invest in technologies that generate tradable commodities, having proven successful pilot plant stage, and ensuring long-term contracts for intake (waste streams) and offtake (commodities)are being secured. Infinity is looking at companies that have the plan to incubate their technologies in Europe.
More information about Infinity Recycling can be found at www.infinity-recycling.com
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