Lummus Announces Agreement with New Hope Technologies to License Waste Plastics Conversion Technology

HOUSTON, Oct. 14, 2020 /PRNewswire/ -- Lummus Technology and New Hope Technologies today announced that the companies have entered into a cooperation agreement for the marketing and further development of a leading plastic waste conversion technology based on thermal pyrolysis. The agreement is part of Green Circle, Lummus' new business entity formed to place the company at the forefront of the circular economy and energy transition.

"This partnership, between Lummus and New Hope, will help reduce plastic waste through integrated processing solutions for turning end-of-life plastics into pyrolysis oil," said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. "Lummus has a long history of successful partnerships to commercialize newer, better technologies, and we are grateful for this collaboration with New Hope. We will leverage the extensive expertise, innovation and technology of both companies."

"New Hope is excited to partner with Lummus to create industrial scale waste plastic to circular chemicals plants to address the over one million tons of plastic impacting the environment daily," according to Johnny Combs, Chief Executive Officer of New Hope. "New Hope and Lummus intend to be the largest supplier of plastic waste to renewable circular product solutions in the world, helping to support the commitments of the major brands and producers."

New Hope has over 10 years experience in plastic waste conversion, and its plant in Tyler, Texas, has units that have been in operation for over 5 years. It is one of the largest facilities in the Western Hemisphere, having a design capacity of 150 tons per day (50,000 tons per annum). Through a proprietary feedstock preparation and reactor section design, the technology allows for an optimized investment cost and thus higher returns for converting plastic waste. The technology is robust and forgiving to variations in plastic waste feedstock and contaminants.

Under the terms of the agreement, Lummus' Green Circle LLC will be the exclusive licensing party for this technology and will be responsible for providing studies, basic engineering, technical services, and proprietary equipment as part of the technology transfer package. Green Circle is a business entity recently established by Lummus to offer sustainable solutions including: converting plastic waste to value-added products; production of chemicals and fuels from biomass; and decarbonization of refinery and petrochemical assets.

About Lummus Technology
With a heritage spanning more than 110 years and a focus on innovation that has resulted in approximately 130 technologies and 3,400 patents, Lummus Technology is the global leader in developing and implementing process technologies. We are a Master Licensor of petrochemical, refining, gasification and gas processing technologies, and a supplier of catalysts, proprietary equipment and related services to customers worldwide. To learn more about the new Lummus, visit www.LummusTechnology.com.

About New Hope Technologies
New Hope Technologies is the technology affiliate of New Hope Energy, a Tyler, Texas, based company owned by Johnny and Karen Combs. New Hope Energy was established to create solutions to the plastic waste crisis facing the world. New Hope Energy is a vertically integrated organization which designs and manufactures state of the art equipment 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.

SOURCE Lummus Technology, LLC

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www.LummusTechnology.com

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