TYLER, Texas, Jan. 19, 2022 /PRNewswire/ -- New Hope Energy
announced that it has signed a multi-year offtake agreement with
Dow (NYSE: DOW) to provide pyrolysis oil feedstock derived
from recycled plastics collected in North
America.
"This partnership with Dow signals that the world's most
innovative and successful companies are confident in our circular
technology," said Rusty Combs, Chief
Executive Officer of New Hope Energy. "We are excited to partner
with Dow and support their effort to expand its global capabilities
for circular plastics."
The Lummus New Hope Plastics Pyrolysis Technology converts end
of life plastic, diverting the waste away from landfills or the
environment, into feedstock, which Dow will use to produce circular
plastics. The technology is part of a partnership formed in 2020
between New Hope and Lummus Technology, combining Lummus' ability
to license, scale-up and further develop process technology
and New Hope's operational experience and waste conversion
technology.
"We congratulate our partner, New Hope Energy, on this
significant achievement," said Leon de
Bruyn, President and Chief Executive Officer of Lummus
Technology. "Since announcing our strategic partnership, we have
collaborated together to scale up the technology to provide
larger quantities of circular oils to the market. New Hope's
innovation, entrepreneurial spirit and ambition to lead the
solution for waste plastics aligns very well with our culture at
Lummus, and has led to a successful, productive and strong
partnership."
New Hope Energy will produce the feedstock for Dow at its
Trinity Oaks facility in
Tyler, Texas. In addition, New
Hope is in the process of expanding the existing Trinity Oaks production facility, utilizing
technology jointly developed with Lummus. Final commissioning for
the plant expansion is planned for late 2022.
About New Hope
New Hope Technologies is the
technology affiliate of New Hope Energy, a Tyler, Texas-based company established to
create solutions to the plastic waste crisis facing the world. New
Hope Energy is a vertically integrated organization which operates
an advanced chemical recycling plant for converting plastic and
solid waste into renewable resources to facilitate the circular
economy. New Hope is currently working with national brands and
major oil companies to help them meet their sustainability goals.
To learn more, visit https://newhopeenergy.com.
About Lummus Technology
Lummus Technology is the
global leader in developing process technologies that make modern
life possible and focus on a more sustainable, low carbon future.
Lummus is a master licensor of clean energy, petrochemical,
refining, gas processing and renewable technologies, and a supplier
of catalysts, proprietary equipment, digitalization and related
lifecycle services to customers worldwide. To learn more about
Lummus, visit www.LummusTechnology.com.
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SOURCE New Hope Energy