TYLER, Texas, Jan. 19, 2022 /PRNewswire/ -- New Hope Energy announced that it has signed a multi-year offtake agreement with Dow (NYSE: DOW) to provide pyrolysis oil feedstock derived from recycled plastics collected in North America.
"This partnership with Dow signals that the world's most innovative and successful companies are confident in our circular technology," said Rusty Combs, Chief Executive Officer of New Hope Energy. "We are excited to partner with Dow and support their effort to expand its global capabilities for circular plastics."
The Lummus New Hope Plastics Pyrolysis Technology converts end of life plastic, diverting the waste away from landfills or the environment, into feedstock, which Dow will use to produce circular plastics. The technology is part of a partnership formed in 2020 between New Hope and Lummus Technology, combining Lummus' ability to license, scale-up and further develop process technology and New Hope's operational experience and waste conversion technology.
"We congratulate our partner, New Hope Energy, on this significant achievement," said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. "Since announcing our strategic partnership, we have collaborated together to scale up the technology to provide larger quantities of circular oils to the market. New Hope's innovation, entrepreneurial spirit and ambition to lead the solution for waste plastics aligns very well with our culture at Lummus, and has led to a successful, productive and strong partnership."
New Hope Energy will produce the feedstock for Dow at its Trinity Oaks facility in Tyler, Texas. In addition, New Hope is in the process of expanding the existing Trinity Oaks production facility, utilizing technology jointly developed with Lummus. Final commissioning for the plant expansion is planned for late 2022.
About New Hope
New Hope Technologies is the technology affiliate of New Hope Energy, a Tyler, Texas-based company established to create solutions to the plastic waste crisis facing the world. New Hope Energy is a vertically integrated organization which operates an advanced chemical recycling plant for converting plastic and solid waste into renewable resources to facilitate the circular economy. New Hope is currently working with national brands and major oil companies to help them meet their sustainability goals. To learn more, visit https://newhopeenergy.com.
About Lummus Technology
Lummus Technology is the global leader in developing process technologies that make modern life possible and focus on a more sustainable, low carbon future. Lummus is a master licensor of clean energy, petrochemical, refining, gas processing and renewable technologies, and a supplier of catalysts, proprietary equipment, digitalization and related lifecycle services to customers worldwide. To learn more about Lummus, visit www.LummusTechnology.com.
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SOURCE New Hope Energy