PureCycle, SK Geo Centric to invest in Korean polypropylene recycling plant

South Korea-based SK Geo Centric has signed a joint venture agreement with Orlando, Florida-based PureCycle Technologies to operate a polypropylene (PP) recycling plant in Asia. SK Geo Centric plans to make a joint investment with PureCycle to build a plastic recycling plant in Ulsan, South Korea, with an annual capacity of up to 60,000 tons.

According to PureCycle, the plant will turn contaminated plastic feedstock into ultra-pure recycled resin that can be reused and recycled. Each company will have 50/50 ownership of the joint venture. PureCycle says SK Geo Centric will bring marketing capabilities related to market development, strategy and sales to the joint venture, while PureCycle will provide its patented purification recycling technology and contribute technical capabilities.

The agreement formalizes previous discussions the companies had on opening a PP recycling plant in Ulsan. SK Geo Centric also has made investments in PureCycle in the past.

With the joint venture agreement signed, the companies plan to move forward to open the facility by the second quarter of 2025. PureCycle says it also has agreed to provide SK Geo Centric with certain first rights to participate with PureCycle should the company pursue expansion in Asia.

“Asia’s first commercial production of ultra-pure recycled PP is in sight,” says Na Kyung-soo, CEO of SK Geo Centric. “We will continue to contribute to making Korea play a key role in the rapidly growing global recycling industry.”

PureCycle says it is close to completing its first purification plant in Ironton, Ohio. The company also broke ground on a second recycling facility in Augusta, Georgia.

“We are thrilled to be working with SK Geo Centric on this exciting project,” says Dustin Olson, CEO of PureCycle. “This new polypropylene purification plant—the first of its kind in Asia—will not only recycle plastic waste in South Korea, but also supply a new market with premium recycled plastic that can be utilized to develop a diverse array of consumer products. This announcement marks a critical milestone in the fight to tackle the plastic pollution problem on a global scale.”