Borealis, a global leader in polyolefin solutions and a European market leader in base chemicals, fertilisers and the mechanical recycling of plastics, has acquired a majority stake in Renasci, the Belgium-based chemical recycling company.
In July 2021, Borealis took a 10% stake in Renasci and this has now been increased to a majority stake of 50.01% ‘signalling on-going confidence in the potential of Renasci’s patented (Smart Chain Processing) SCP concept to drive the circular transformation’.
Borealis says the investment is an important component of its strategy to target a six-fold increase in the volume of circular products and solutions to 600 000 tonnes by 2025, rising to 1.8 million tonnes by 2030. ‘The acquisition will support Borealis to reach these goals by providing increasing long-term access to chemically recycled feedstock from Renasci’s Ostend facility and through enabling access to key circular technologies,’ says a press release.
SCP concept is said to be unique because it enables the processing of multiple waste streams using different recycling technologies under one roof, resulting in high valorisation of waste. ‘Through leveraging its market access, know-how, and innovative technological capabilities, Borealis will accelerate the implementation of the SCP concept and will also explore opportunities for replicating the model in strategic locations,’ the release added.
Lucrèce Foufopoulos, Borealis’ vp of polyolefins, circular economy solutions and innovation and technology, says the group is committed to leading the industry towards a more sustainable future. ‘Renasci and its SCP concept are perfectly aligned to Borealis’ circular cascade model, which sits at the heart of our ambition to become circular in plastic and in carbon.’