STAMFORD, Conn. , July 8, 2024 /PRNewswire/ — Biotrend and Freepoint Eco-Systems International Ltd. (Freepoint Eco-Systems) announced a potential strategic partnership to expand their footprint in the circular economy for plastics. Through their shared vision, this collaboration will strengthen their presence in the advanced recycling industry.
Combining Expertise for a Sustainable Future
In connection with this venture, Biotrend and Freepoint Eco-Systems plan to develop advanced recycling projects that will divert end-of-life waste plastic from landfills and incineration. The projects will transform waste plastic through chemical recycling into pyrolysis oil, a product that is used as a feedstock in the production of petrochemical products including the resins used to make new plastic.
Biotrend brings its industry expertise and its ongoing development of an advanced plastic recycling facility in Aliağa, İzmir, Turkey with a processing capacity of 60,000 tons per year. Freepoint Eco-Systems contributes its focus on building, owning, and operating large-scale advanced recycling facilities that convert waste plastic into pyrolysis oil that can be used to make new plastic. Freepoint Eco-Systems and its affiliates are developing facilities in North America, Europe and Southeast Asia, including a flagship advanced recycling facility in Ohio, USA, which will have the capacity to recycle about 90,000 tons of waste plastic per year and is projected to be one of the world’s largest upon completion in late 2024.
Investing in a Circular Future
As part of the potential 50/50 venture, a strategic investment company would be established by the parties to develop and own future projects. Additionally, after its satisfactory completion of due diligence, Freepoint Eco-Systems would purchase approximately 10% of the shares of Biotrend through a private placement involving an investment by Freepoint in newly issued shares. Proceeds from Biotrend’s capital increase would then be used to develop and fund advanced recycling facilities including the Aliağa facility.
The strategic partnership between Biotrend and Freepoint Eco-Systems aims to develop projects in Turkey, the Balkans and Central Asia, targeting a total production capacity capable of recycling 250,000 tons of waste plastic annually. This combined recycling effort will significantly contribute to reducing plastic pollution.
Quotes from Both Leaders
“This strategic partnership strengthens Biotrend’s leadership in plastic recycling and fosters a more sustainable future,” said Biotrend CEO Özgür Umut Eroğlu. “We are excited to collaborate with Freepoint Eco-Systems and believe this partnership will bring significant success to both companies.”
“The expansion of our advanced recycling footprint into Turkey, the Balkans and Central Asia represents an important step forward for Freepoint Eco-Systems in its ongoing effort to help solve the plastic waste problem on a global basis,” said Oscar Gutierrez, President of Freepoint Eco-Systems International. “Our companies share the goal of building advanced plastic recycling infrastructure required to accelerate the development of circular economy solutions for the benefit of the environment. Biotrend has a strong track record of operating integrated solutions for municipal solid waste in Turkey, and we look forward to building this new plastic recycling infrastructure together.”
About Biotrend
Founded in 2017, Biotrend is the largest integrated waste management and electricity generation platform by licensed capacity in Turkey supporting the biocircular economy, compatible with global renewables and decarbonization trends.
Biotrend has 9 integrated waste management and energy production facilities, 6 energy generation facilities (including 2 facilities with biomass incineration technology), 1 solid fuel preparation facility and 1 greenhouse facility, totaling 17 facilities in 9 provinces and 5 regions.
The facilities are reclaiming municipal, agricultural, and forestry waste for the future by harnessing state-of-the-art technologies to transform them into circular raw materials, sustainable fuel, and renewable energy.
As of April 5, 2024, the total installed capacity of Biotrend is 114,2 Mwe whereas the total licensed capacity is 171,2 Mwe. As of 2023, total net electricity generation reached 575 GWh.
About Freepoint Eco-Systems
Freepoint Eco-Systems International Ltd., an affiliate of Freepoint Commodities LLC, provides eco-friendly products and solutions to its customers. Freepoint Eco-Systems and its related companies are engaged in business operations in the U.S., Europe, and Asia. More information can be found at www.FreepointEcoSystems.com
About Freepoint Commodities
Founded in 2011, Freepoint is based in Stamford, CT with over 600 employees worldwide. Freepoint is a global commodities merchant of physical commodities providing customers with physical supply and logistics chain management and services, together with eco-friendly products and solutions. More information can be found at www.Freepoint.com
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SOURCE Freepoint Eco-Systems LLC
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