LUXEMBOURG CITY, Luxembourg and HOUSTON, March 6,
2023 /PRNewswire/ -- Clariter and Summit Midstream
Partners announced today a strategic collaboration in which Summit
joins Clariter's range of strategic partners and investors.
Summit's investment is a vote of confidence in Clariter's
proprietary and proven technology, which aims to tackle the global
effects of plastic pollution through the production of sustainable
high-value industrial products made entirely from plastic
waste.
Leveraging Summit's expertise in midstream energy
infrastructure, the two companies will cooperate as Clariter
continues to advance its strategy to build commercial scale plants
in the United States. As part of
the collaboration, Summit will contribute to addressing energy,
hydrogen and water infrastructure needs as well as support with the
siting, development and construction of Clariter's commercial scale
plants.
Plastic waste: a global challenge
400 million tons of new plastic are produced annually, and by
2050, this is expected to more than double. Of all the plastic ever
manufactured, 70% is used only once, of which only 9% is recycled.
The rest is either discarded in landfills or incinerated, releasing
harmful CO2 into the atmosphere.
Clariter has developed a unique and proven chemical upcycling
technology that complements other traditional mechanical recycling
methods. Clariter's patented technology can treat most plastic
waste types (including polyethylene, polypropylene and some
polystyrene) and convert plastics into ready-to-use, pure products
such as waxes, oils and solvents, displacing fossil fuel-based
alternatives.
Clariter's high-quality and sustainably produced products have
the potential to reduce the world's dependency on crude oil.
Clariter's premium products meet the highest industry standards of
purity, are food-contact grade and meet or exceed the benchmarks of
their fossil-fuel based equivalents.
Clariter and Summit: complementary clean energy
expertise
Summit's Chief Executive, Heath
Deneke, said: "We're excited to collaborate with
Clariter to support the development of its innovative chemical
recycling plants in the United
States. In addition to the opportunity to make a positive
environmental impact domestically and abroad, the cooperation
aligns with Summit's ambitions to utilize our expertise in
developing and operating infrastructure to help support energy
transition in the United
States."
Clariter's CEO, Ran Sharon, added: "Cleaning the world of
plastic pollution and reducing dependency on crude oil underpin
Clariter's corporate vision. Our unique technology converts plastic
waste into high-quality end-products for everyday use. Such
innovative technologies have an important role to play in the
global movement towards sustainability, circularity and ultimately
a net-zero carbon future. We believe that Summit's joining our
visionary strategy is a win-win for both companies – together we
will make significant strides towards cleaning the world of plastic
pollution.
Clariter offers a commercially attractive combination of
profitability and sustainability: an integral part of Clariter's
development strategy is to identify partners that, like Summit, are
looking for solutions to global environmental challenges."
About Clariter
Clariter is a global cleantech company that has developed a
chemical recycling process that provides a solution to the plastic
waste epidemic. This proprietary, efficient technology transforms
plastic waste into high-quality, high-value products: oils, waxes,
and solvents that replace fossil-based products. Clariter offers a
commercially attractive combination of profitability and
sustainability.
About Summit Midstream Partners
Headquartered in Houston,
Texas, Summit Midstream Partners, is a value-driven master
limited partnership focused on developing, owning and operating
midstream energy infrastructure assets that are strategically
located in unconventional resource basins, primarily shale
formations, in the continental United
States.
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SOURCE Summit Midstream Partners, LP