Continuous pyrolysis technology provider Niutech has signed a £22m ($29.4m) product sales contract with a UK-based client to boost global chemical recycling of waste plastics.
The company will supply industrial continuous waste plastic pyrolysis production line with the capacity of 60,000 tonnes (t) per year to the client.
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It will address the urgent need for efficient resource recovery solutions in light of the UK and Europe’s stringent circular economy policies.
A Niutech senior executive stated: “The signing of this UK order opens up a new growth point for the company in the high-end European market. Recognition of Niutech’s technology by leading clients further validates our advantageous position in the pyrolysis equipment sector.”
The UK’s plastic packaging tax will increase once again, imposing a £223.69/t levy on plastic packaging with less than 30% recycled content. Such policies have driven the demand for chemical recycling technologies.
Niutech’s advanced pyrolysis technology converts waste plastics into high-value energy products. The products are then processed into chemical feedstocks to generate new plastics.
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By GlobalDataThis enables true chemical recycling and the peer-grade utilisation of waste plastics.
Niutech’s technology can operate efficiently and stably at large scales, increasing production efficiency 30% and reducing energy consumption and carbon emissions.
Research indicates that treating 100,000t of waste plastics with this technology can reduce carbon dioxide emissions by 290,000t.
A Niutech market executive revealed that its client conducted thorough inspections and evaluations of projects in Europe and China, including a waste plastic project by international chemical giant BASF that utilises Niutech’s production line.
After assessing the advancement, maturity and stability of the technical equipment against domestic and international peers, the UK client selected Niutech for its expertise.
