Sealed Air invests in Plastic Energy

U.S.-based packaging firm also will collaborate with London-based plastic scrap-to-oils company.

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August 26, 2020

Global packaging provider Sealed Air Corp., Charlotte, North Carolina, says it has signed a collaboration agreement with Plastic Energy, a firm that converts plastic scrap into oils that can be used to make new plastic. Additionally, Sealed Air has made an equity investment in Plastic Energy Global, the London-based parent company of Plastic Energy.

Plastic Energy Global was established in 2012 with the goal of creating facilities that convert discarded plastic into energy products. The company has two operations in Spain and is developing projects in other parts of Western Europe and in Asia.

The firm says it has a “vision” to operate 50 new facilities by the end of this decade and a goal of processing 300,000 metric tons of plastic scrap by 2025.

“We’re excited to join forces with Plastic Energy to innovate faster and accelerate the development of new technology that eliminates waste and ensures a circular economy for plastics,” says Ted Doheny, Sealed Air’s president and CEO. “This collaboration will help us meet our 2025 sustainability pledge and lead the way in transforming our industry.”

Comments Carlos Monreal, founder and CEO of Plastic Energy, “We are delighted to start this new strategic collaboration with Sealed Air, which will lead to the acceleration of development of the advanced recycling industry as well as provide a circular solution for more and more plastics.”

Plastic Energy says its technology transforms post-consumer plastic scrap into recycled-content oil that “can be used to create essential packaging solutions, including protective packaging for food, thereby enabling plastic to become a new resource.”

In 2018, Sealed Air announced a sustainability and plastics commitment, pledging to design and advance packaging solutions that are 100 percent recyclable or reusable by 2025. As part of the pledge, the company has a target of 50 percent average recycled content in its packaging products, with 60 percent of that coming from post-consumer recycled materials.

In 2019, Sealed Air also announced it had joined the Alliance to End Plastic Waste, a global non-profit effort designed to facilitate investments in plastic recycling.

Sealed Air makes several types of packaging, including pouches, bags and cartons for food and other perishable products.