Infinity Recycling, LyondellBasell, and CPChem invest in Alterra to Accelerate the Commercial Development of Advanced Recycling

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Oct 22, 2024, 08:00 ET

AKRON, Ohio, Oct. 22, 2024 /PRNewswire/ -- Alterra, a leader in plastic circularity process technology, announced today the first closing of its latest equity investment round with funding from Infinity Recycling, LyondellBasell and Chevron Phillips Chemical. This investment round will accelerate the commercialization of Alterra's Advanced Recycling technology, designed to transform discarded plastic into valuable raw materials, creating a more sustainable and circular economy. Infinity Recycling led the financing round via its Circular Plastics Fund. Alterra also received additional equity investments as part of this round from Finnish circular and renewable feedstock solutions partner Neste and long-term private investor Potenza Capital.

Alterra's innovative technology converts discarded plastic into valuable resources, reducing landfill dependence and supporting the transition to a circular economy. With this new funding, the company aims to deploy its solutions globally, reinforcing its commitment to sustainable plastics management.

Fred Schmuck, CEO of Alterra, stated, "This funding marks a pivotal moment in our journey. We are excited to collaborate with our strategic partners to scale our technology and bring effective recycling solutions to communities around the world. Together, we can make a meaningful impact on the environment and create a more sustainable future."

Arie Hooimeijer, Head of Investments at Infinity Recycling, added, "Investing in Alterra aligns with our mission to support innovative solutions in the circular plastics economy. The advanced recycling technology developed by Alterra not only reduces plastic waste by re-using plastic materials but also unlocks new economic opportunities. We are thrilled to be part of this transformative effort."

Martino Gabellich, Vice President of Advanced Recycling and Low Carbon Solutions at LyondellBasell, remarked, "Our investment in Alterra demonstrates our commitment to capturing value from plastic waste and preventing it from going to incineration or landfills. These continuous investments along the value chain will help us scale our range of circular and low carbon solutions for our customers, while also contributing to the efforts to build a circular economy that benefits society and the planet."

Benny Mermans, Vice President of Sustainability at Chevron Phillips Chemical, remarked, "This investment in Alterra reflects our company's broader sustainability goals, including collaborating globally to advance the circular economy. We support ending plastic waste in the environment by sustainably recycling used plastics to create new and valuable products."

For more information about Alterra and its mission, visit www.alterraenergy.com.

About Alterra

Alterra is revolutionizing plastics recycling with its cutting-edge thermochemical liquefaction technology. This innovative process renews discarded plastic back to its original building blocks, reducing reliance on fossil-based materials for new plastic production. Operating profitably at a continuous, commercial scale, Alterra's plastics circularity facility in Akron, OH, is a model for sustainable recycling solutions. Through the global deployment of its technology, Alterra is leading the charge in Solving Plastic Pollution^®. Learn more at: https://alterraenergy.com/

About Infinity Recycling

Infinity Recycling was established to create markets for end-of-life plastic streams by investing in plastic recycling valorization technologies. Infinity Recycling's first offering, the Circular Plastic Fund, makes a significant contribution to solving the plastic waste problem and unlocking much-needed capacity in high-demand recycled commodities. The Fund implements a return-driven investment strategy that drives value creation in advanced recycling and accelerates the conversion to a circular economy for plastics.

About LyondellBasell

We are LyondellBasell – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.

About Chevron Phillips Chemical

"Chevron Phillips Chemical" includes Chevron Phillips Chemical Company LLC and its wholly owned subsidiaries. Chevron Phillips Chemical is one of the world's top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, polyethylene piping and polymer resins. With approximately 5,000 employees, Chevron Phillips Chemical and its affiliates own nearly $20 billion in assets, including 32 manufacturing and research facilities in six countries. Chevron Phillips Chemical is owned equally by Chevron U.S.A., Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com and follow us on social media: @chevronphillips.

"Chevron Phillips Chemical" or "CPChem" may refer to one or more Chevron Phillips Chemical's subsidiaries or affiliates or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Media Contact:

Angela Sot
Alterra
[email protected]

SOURCE Alterra