SK Geo Centric announced on the 6th January at CES 2023 that it had signed a contract with Plastic Energy to introduce the technology to build a pyrolysis plant in the Ulsan plastic recycling complex.
SK Geo Centric will start the construction process for its pyrolysis plant this year. By introducing Plastic Energy’s advanced pyrolysis technology in Ulsan, South Korea, it will promote an annual capacity of 66,000 tonnes of end-of-life plastic waste input. SK Geo Centric plans to improve pyrolysis oil to an even higher quality by creating a pyrolysis oil post-treatment plant that implements the company’s own technologies.
SK Geo Centric announced the official name of the Ulsan plastic recycling complex as the “Ulsan Advanced Recycling Cluster (ARC).” SK Geo Centric gathered the three advanced chemical recycling technologies in one place through strategic collaboration with global companies such as PCT (US), Loop (Canada), and Plastic Energy (UK). This action is expected to enable efficient plastic recycling.
SK Geo Centric is cooperating with PureCycle Technologies in the US on Ultra PP supercritical extraction technology that removes pollutants from waste plastics, and has signed a contract to create a joint venture following an equity investment of 55 million dollars It has also secured exclusive sales rights in Korea and the rights to conduct business in China and Southeast Asia.
With Loop Industries, the company has formed a partnership on depolymerization technology, which dissolves plastic (PET) molecule blocks used in colored plastic bottles and polyester fibers and returns them to raw materials. SK Geo Centric has made an equity investment of 10% and holds exclusive rights to conduct business in Asia.