Honeywell has formed a joint venture with Avangard Innovative, a leader in the plastics recycling industry, to convert plastic waste into recycled polymer feedstock for the production of new plastics
Honeywell's UpCycle technology, combined with improvements in other chemical and mechanical recycling processes and collection and sorting processes, is expected to increase the proportion of plastic waste that can be recycled globally to 90%
Houston, United States, February 17, 2022 – Honeywell (NASDAQ: HON) announced that it will form a joint venture with Avangard Innovative, Inc. (Avangard), a leader in the plastics recycling industry, to build a state-of-the-art recycling plant in Texas, United States. The new facility will use Honeywell's recently introduced UpCycle process technology to convert plastic waste into recycled polymer feedstock for the production of new plastics.
Honeywell's new UpCycle process technology is designed to reduce fossil fuel consumption in the manufacture of virgin plastics, enabling a circular economy for plastics. When combined with other chemical and mechanical recycling processes and improvements in collection and sorting processes, UpCycle process technology has the potential to increase the proportion of global recyclable plastic waste from the current 15% to 90%.
Avangard is the largest plastic recycler in the Americas and the first company to adopt UpCycle process technology in the United States. Honeywell and Avangard will form a joint venture to jointly own and operate a state-of-the-art plastics recycling facility at Avangard's Natura PCR facility in Waller, Texas. The plant, which is expected to start production in 2023, will be able to convert 30,000 metric tons of mixed waste plastic annually into Honeywell recycled polymer feedstock.
"By partnering with recycling and waste management specialists, Honeywell can bring advanced recycling technologies to the source of recycling, helping to close the plastic supply chain." Vimal Kapur, president and chief executive officer of Honeywell Performance Materials and Technologies, said, "UpCycle process technology expands the range of recyclable plastics, including those that would otherwise be unrecyclable, giving Honeywell a key role in driving the circular plastics economy. ”
"The joint venture with Honeywell to build a state-of-the-art recycling facility further demonstrates Avangard Innovative's commitment to protecting the environment by achieving its goal of zero waste to landfill." Rick Perez, CEO of Avangard, said, "The Honeywell solution is designed with a modular plant design concept that allows for easy deployment and installation, while striking the right balance between economies of scale and the amount of plastic waste generated locally. ”
The collaboration follows Honeywell's recently announced intention to enter into a joint venture with Sacyr, a global engineering and services company headquartered in Spain, to further expand the use of UpCycle process technology. Honeywell and Sacyr will form a joint venture to build a state-of-the-art plastics recycling plant in Andalusia, southern Spain, which is expected to convert 30,000 metric tons of mixed waste plastic into Honeywell recycled polymer feedstock per year.
Honeywell's UpCycle process technology was developed by Honeywell's Sustainable Technology Solutions division, part of Honeywell UOP. This latest technology is part of Honeywell's long-standing philosophy of providing high-impact, sustainable environmental solutions to customers and society.
Honeywell has a long history of sustainability innovation, such as Solstice's® new generation of low-GWP hydrofluoroolefin (HFO) refrigerants, blowing agents, aerosol propellants and solvents that reduce the greenhouse gas emissions of existing products on the market by more than 99%. In addition, Honeywell has pioneered the Ecofining™ process, which uses inedible natural oils, animal fats and other waste materials as feedstock to produce Honeywell Green Diesel ™ and Honeywell Green Aviation Fuel ™.
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