Borealis receives European Investment Bank loan for development of circular economy solutions
Canadian PlasticsMaterials Sustainability
The EIB grant of 250 million euros will be used to further Borealis’ research, development, and innovation program.
Austria-based material supplier Borealis has received financing from the European Investment Bank (EIB) to support its research, development, and innovation program in the circular economy sphere.
The EIB will provide a 250-million-euro loan supporting Borealis’ multi-year investment program in the area of plastics circularity, which Borealis says is in line with its objectives to support innovation, climate action, and sustainability.
In a Sept. 24 statement, Borealis said the loan enables it to intensify the development of novel, polyolefins-based circular solutions at its innovation centres in Austria, Sweden, and Finland.
Polyolefins produced by Borealis are used in a wide range of applications in consumer products, packaging, power transmission cabling, and industrial and construction materials.
The circular economy is one of three areas in the new Borealis 2035 Group Strategy, which was announced earlier this year, and the company says it has already begun working with value chain partners in recent years to develop and launch “innovative, value-adding circular solutions” in a variety of industries, including energy, automotive and consumer packaging.
Borealis also said it aims to integrate an ever-larger share of recycled plastics in its products.
The EIB is the long-term lending institution of the European Union and owned by its Member States. It provides long-term capital and advisory support for sound investments that contribute towards EU policy goals.