Synpet Technologies, the Belgium-based chemical recycling company, which provides a unique solution to waste management recycling, has partnered with Kolmar Group A.G the Swiss trading and manufacturing entity; to substantially invest in the Port of Antwerp, one of Europe’s largest and most dense petrochemical clusters; to deploy its cutting-edge technology.
Synpet Technologies is planning to invest in the Port of Antwerp to deploy its cutting-edge technology in one of Europe’s largest and dense clusters of chemicals companies; this is to be done in partnership with KOLMAR GROUP AG, who acquired a significant shareholding in Synpet at the closure of Synpets first equity round.
Cem Ozsuer, CEO of Synpet Technologies, comments: “Our first plant will be located in the Port of Antwerp, in the heart of one of Europe’s largest chemicals clusters. We are very proud to be investing in the heart of Flanders, at one of the most renowned and well-equipped ports in Europe. We will be contributing to the Flemish region in a sustainable way by addressing the problem of plastic waste, reducing carbon emissions, and creating sustainable jobs. We’ll process 180.000 tons of wet rejected plastic waste per year in a first phase, with a plan to reach 1.000.000 tons of global plastic waste processing capacity by 2030. SynPet has secured sufficient plastic waste from European partners to feed the first phase.”
KOLMAR Group AG the Swiss petrochemical and renewables trading and manufacturing company which owns and operates biofuel assets in the USA; has become a shareholder in Synpet and acquired the global marketing rights to the circular naphtha produced from the technology. KOLMAR GROUP A.G is a trusted partner of the industry and is headquartered in Zug, Switzerland whilst operating in over 20 countries worldwide.
Ruth Sandelowsky the CEO of Kolmar Group notes: “Over the last 25 years, KOLMAR has grown to be recognized as a visionary leader in the evolving industry, active in over 100 different petrochemical and petroleum products, and a significant footprint in biofuels and renewables market. This collaboration with Synpet will allow Kolmar to offer circular feed to the chemical industry, a corner stone to achieve their ambitions for circularity “
Finance
Ahmet Eren, CFO of SynPet Technologies continues: “We are very glad to close our first equity round with Kolmar. SynPet’s emerging technology and Kolmar’s global experience in petrochemicals, biofuels and renewables marketing will be a very productive collaboration. At the present time, SynPet Technologies will be executing project finance once the preliminary engineering work is completed. The financial partner, a leading global financial institution, is mandated to raise the required amount of debt to complete the first phase. For this project, we’re committed to partner up with top notch companies in their fields.”
Marketing
Owen Price-James Business Development Director of Kolmar Group comments “Circularity [making chemicals from recycled plastics] is a key objective of the European Chemical industry. There is no technology other than Synpet’s which produces high quality circular chemical feed requiring no further treatment, from rejected plastics at an industrial scale. This is a game changer for the industry, and we are delighted to be partnering with major chemical producers for the sale of the circular naphtha, which will be the subject of future announcements.
Engineering and Permitting
Cem Ozsuer, CEO of SynPet Technologies concludes: “We will be working with KBR, the renowned American engineering firm. We wanted to work with a Tier 1 Engineering firm for this project and are delighted that KBR will be responsible for the engineering package. The procurement & construction will be done by ENKA, a prominent Turkish EPC company. We have also appointed ARUP, (a British engineering consulting firm) to complete the third Party Technical Due Diligence.”
