Ravago to acquire equity interest in recycler Alterra Energy
Ravago will be a strategic partner in supplying pre-processed waste plastic to Alterra's Akron, Ohio facility.
Recycling technology developer Ravago has acquired an equity interest in Akron, Ohio-based recycling firm Alterra Energy.
In a news release, officials with Luxembourg-based Ravago said it will be a strategic partner in supplying pre-processed waste plastic to Alterra’s Akron facility – which currently has the capacity to liquefy up to 60 tons per day of waste plastic for use as a feedstock for the manufacturing of plastics and chemicals – as well as for future commercial installations. Alterra, which has developed and commercialized a continuous advanced recycling technology that transforms end-of-life plastics into petrochemical feedstock, will process the Ravago-supplied waste plastic into ISCC PLUS certified material. Alterra will then market this material for further refining.
Alterra and Ravago also plan to combine forces to provide integrated recycling solutions “that support the transition toward decarbonization, decreasing virgin fossil resource dependency, and increasing circularity for its petrochemical and chemical partners.”
“Alterra is leading the way in the advanced recycling market. We are excited to be collaborating with its leadership team as they provide a vital service in solving the plastics pollution challenge,” said Ravago CEO Theo Roussis. “We have long been at the forefront of mechanical plastics recycling – our collaboration with Alterra Energy adds advanced recycling to strengthen and support these efforts. Our ambition in the coming years is to do multiple recycling investments with our key partners to address the problem of plastic waste in a meaningful way.”
The Ravago transaction is the second strategic partnership this year for Alterra. In January, the company announced that Neste, a provider of renewable diesel and sustainable aviation fuel, acquired a minority stake in the company.