STAMFORD, Conn., July 8, 2024 /PRNewswire/ -- Biotrend and
Freepoint Eco-Systems International Ltd. (Freepoint Eco-Systems)
announced a potential strategic partnership to expand their
footprint in the circular economy for plastics. Through their
shared vision, this collaboration will strengthen their presence in
the advanced recycling industry.
Combining Expertise for a Sustainable Future
In connection with this venture, Biotrend and Freepoint
Eco-Systems plan to develop advanced recycling projects that will
divert end-of-life waste plastic from landfills and incineration.
The projects will transform waste plastic through chemical
recycling into pyrolysis oil, a product that is used as a feedstock
in the production of petrochemical products including the resins
used to make new plastic.
Biotrend brings its industry expertise and its ongoing
development of an advanced plastic recycling facility in Aliağa,
İzmir, Turkey with a processing
capacity of 60,000 tons per year. Freepoint Eco-Systems contributes
its focus on building, owning, and operating large-scale advanced
recycling facilities that convert waste plastic into pyrolysis oil
that can be used to make new plastic. Freepoint Eco-Systems and its
affiliates are developing facilities in North America, Europe and Southeast
Asia, including a flagship advanced recycling facility in
Ohio, USA, which will have the
capacity to recycle about 90,000 tons of waste plastic per year and
is projected to be one of the world's largest upon completion in
late 2024.
Investing in a Circular Future
As part of the potential 50/50 venture, a strategic investment
company would be established by the parties to develop and own
future projects. Additionally, after its satisfactory completion of
due diligence, Freepoint Eco-Systems would purchase approximately
10% of the shares of Biotrend through a private placement involving
an investment by Freepoint in newly issued shares. Proceeds from
Biotrend's capital increase would then be used to develop and fund
advanced recycling facilities including the Aliağa facility.
The strategic partnership between Biotrend and Freepoint
Eco-Systems aims to develop projects in Turkey, the Balkans and Central Asia, targeting a total production
capacity capable of recycling 250,000 tons of waste plastic
annually. This combined recycling effort will significantly
contribute to reducing plastic pollution.
Quotes from Both Leaders
"This strategic partnership strengthens Biotrend's leadership in
plastic recycling and fosters a more sustainable future," said
Biotrend CEO Özgür Umut Eroğlu. "We are excited to collaborate with
Freepoint Eco-Systems and believe this partnership will bring
significant success to both companies."
"The expansion of our advanced recycling footprint into
Turkey, the Balkans and
Central Asia represents an
important step forward for Freepoint Eco-Systems in its ongoing
effort to help solve the plastic waste problem on a global basis,"
said Oscar Gutierrez, President of
Freepoint Eco-Systems International. "Our companies share the goal
of building advanced plastic recycling infrastructure required to
accelerate the development of circular economy solutions for the
benefit of the environment. Biotrend has a strong track record of
operating integrated solutions for municipal solid waste in
Turkey, and we look forward to
building this new plastic recycling infrastructure together."
About Biotrend
Founded in 2017, Biotrend is the largest integrated waste
management and electricity generation platform by licensed capacity
in Turkey supporting the
biocircular economy, compatible with global renewables and
decarbonization trends.
Biotrend has 9 integrated waste management and energy production
facilities, 6 energy generation facilities (including 2
facilities with biomass incineration technology), 1 solid
fuel preparation facility and 1 greenhouse facility, totaling
17 facilities in 9 provinces and 5 regions.
The facilities are reclaiming municipal, agricultural, and
forestry waste for the future by harnessing state-of-the-art
technologies to transform them into circular raw materials,
sustainable fuel, and renewable energy.
As of 05.04.2024, the total installed capacity of Biotrend is
114,2 Mwe whereas the total licensed capacity is 171,2 Mwe. As of
2023, total net electricity generation reached 575 GWh.
About Freepoint Eco-Systems
Freepoint Eco-Systems International Ltd., an affiliate of
Freepoint Commodities LLC, provides eco-friendly products and
solutions to its customers. Freepoint Eco-Systems and its related
companies are engaged in business operations in the
U.S., Europe, and Asia. More information can be found
at www.FreepointEcoSystems.com
About Freepoint Commodities
Founded in 2011, Freepoint is based in Stamford, CT with over 600 employees
worldwide. Freepoint is a global commodities merchant of physical
commodities providing customers with physical supply and logistics
chain management and services, together with eco-friendly products
and solutions. More information can be found at
www.Freepoint.com
Media Contacts
JD Communications
info@jdcommunications.co
Paige Thornton
RF | Binder
212-994-7554
paige.thornton@rfbinder.com
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