Armstrong is pleased to announce the formations of a Joint Venture with Licella for the exclusive global rights to deploy their patented technology to convert waste plastics into higher value fuels and chemicals.
Dr Steve Mahon, CEO of Armstrong commented, “This marks another strategic venture for us to offer our investors access to proprietary dealflow in a highly attractive market.”
Plastics are produced from a highly refined product with 6% of global oil and gas production used annually in the production of plastics, but of the 311 million tonnes of plastics produced per year only 5% is recycled. 95% is lost after a short first use, equating to lost value of US$80-100 billion per year. In the UK, over 2.5 million tonnes of plastics goes to landfill every year. We know that sorting plastics to enable them to be recycled is both challenging and expensive. End of life Plastic includes all the remnants of various mixed plastics and paper and labelling that is left post-recovery of the recyclable components. This mixed material, which is a costly waste to dispose of, can be processed into high value fuels and chemicals using our unique technology that has been developed by Licella over 10 years and with over $50 million spent on development. Steve added “We are excited to now work with our licensees to divert this waste from landfill and deliver superior investor returns.”