Six Pines Investments LLC (“Six Pines”), a wholly-owned, sustainable investment subsidiary of Chevron Phillips Chemical Company LLC (“CPChem”) announced today its equity investment in two leading circular plastics recyclers, Nexus Circular LLC (“Nexus”) and Mura Technology Ltd. (“Mura”).
In October 2020, CPChem announced success in its first commercial scale production of polyethylene using advanced recycling technology. The company markets its new circular polyethylene under the name Marlex® Anew™ Circular Polyethylene and is working toward an ambitious annual production goal of 1 billion pounds of circular polyethylene by 2030.
Mura and Nexus are leading plastics recyclers that convert waste plastics into high quality feedstock used in advanced recycling technologies to produce circular plastics. These strategic investments made from its Six Pines subsidiary reflect CPChem’s commitment to foster innovation and accelerate the transition to a circular economy for plastics.
Benny Mermans, vice president of sustainability at CPChem said, “We are excited about the capabilities and opportunities at Mura and Nexus. We share a common goal to keep plastic waste out of the environment. Waste plastics should not end up in the environment, as they can be sustainably recycled to create new plastics again and again. Investing in Nexus and Mura will accelerate our efforts to produce Marlex® Anew™ Circular Polyethylene and the expansion of our circular product portfolio.”
Plastics are life-enriching products that are essential for our future; however, the plastic waste challenge must be addressed. CPChem believes that solving the global problem of plastic waste will require innovation, investment and cooperation throughout the entire plastics value chain. Six Pines’ investments advance CPChem’s ambition to reduce waste and reuse valuable resources, accelerating change for a sustainable future.
For more information, visit www.cpchem.com.
About Six Pines
Six Pines Investments LLC is a wholly-owned, sustainable investment subsidiary of Chevron Phillips Chemical Company LLC (“CPChem”), one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, CPChem and its affiliates own more than $17 billion in assets, including 31 manufacturing and research facilities in six countries. CPChem is equally owned indirectly by Chevron Corporation U.S.A. Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas. For more information about CPChem, visit www.cpchem.com. Also, follow us on Twitter: @chevronphillips.
About Nexus
Nexus is the leading operational, commercially scaled converter of waste plastics to feedstocks, which in turn are converted back to virgin plastics. Nexus is rapidly rolling out plants globally with a limited set of partners ready to move quickly and with purpose to address the plastics waste problem, for which many seek a real, proven solution today. The process is an environmentally friendly (no wastewater, nor air issues) end-to-end business, including engineering, software, front-end waste plastic sorting, all regulatory requirements (EPA, State, Local)/ISCC Plus certification, training/safety, and strategic pricing/positioning, guided by financially driven metrics. Operational and economically proven, Nexus has produced and shipped consistent, on-spec tanker loads of products to large global partners who blend it in their current streams and convert to virgin plastics. Nexus is located in Atlanta, Georgia.
About Mura
Mura Technology intends to become the world’s leading producer of recycled hydrocarbons, creating a circular economy for plastic, whilst helping to decarbonize the petrochemical industry and eliminate global plastic pollution. We are pioneering a scalable process to divert waste plastic away from incineration, reduce carbon emissions and prevent millions of tons of plastic from entering the natural environment every year, turning the $120 billion lost resource of plastic waste into a valuable global commodity.
Our process, HydroPRS™ (Hydrothermal Plastic Recycling System), creates a much wider scope for recycling all types of plastic, including flexible, multi-layered film and post-consumer, contaminated materials. By diverting these materials away from incineration and landfill and into recycling, we decouple the manufacture of new plastics from fossil-sourced feedstock – helping to decarbonize the petrochemical industry. We are partnering with the entire plastic recycling value chain, including international consumer brands, resin producers and waste management companies to scale our process worldwide. This feeds a sustainable circular economy and strives towards Net Zero. Our ambition is to have 1,000,000 tons of plastic recycling capacity in operation or development by 2025. The company is based in London, U.K.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211216005441/en/
Contacts
News inquiries:
Ryan Draper
draper@cpchem.com
832-813-4381
