Italian company Versalis has announced signing an agreement with Technip Energies, a France-based engineering and technology company for energy transition.

Through this collaboration, the companies intend to develop a “theoretically endless plastic recycling loop”.

The joint project will support the production of new virgin polymers that can be used for a wide range of applications.

Both the companies will integrate their technologies for developing a technological platform for advanced chemical recycling of plastic waste.

Versalis, a chemical company of Italy’s oil supermajor Eni, will provide its ‘Hoop’ technology.

The company describes its Hoop technology as a pyrolysis process that helps in recovering mixed plastic waste with high performance.

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This Hoop technology will be integrated with Technip Energies’ ‘Pure.rOil’ and ‘Pure.rGas’ purification technologies.

Once integrated, the technologies will enable a circular economy system, while minimising the overall carbon footprint across the polymer value chain.

Technip Energies chief operating officer Marco Villa said: “We are pleased to join forces with Versalis to bring our combined technologies for plastic waste recycling to commercialisation.

“This alliance will help strengthen Versalis’ and Technip Energies’ leadership in the transformation of traditional basic chemicals and polymers into sustainable, decarbonised products and facilitate the transition to circular economy.”

Furthermore, the effort will also involve Technip Energies to provide its ethylene furnace and steam cracker design expertise.

The company currently operates over 700 steam crackers under its own licence across the globe.

Versalis CEO Adriano Alfani said: “We believe the partnership model is a very effective accelerator for growth, turning synergies into strength we need to make our industry more and more sustainable.

“This partnership with Technip Energies, which combines two companies’ innovative technologies in chemical recycling and significant industrial experience, will allow us to accelerate deployment of concrete and effective solutions to tackle plastic waste, to be applied wherever needed worldwide.”