Borealis will acquire a 10% stake in BlueAlp and transfer its majority stake in Renasci, all in hopes of strengthening its position and capabilities in chemical recycling.
Previously, Renasci licensed BlueAlp’s technology to develop a 20kt p.a. scale-up plant, with BlueAlp engineering, constructing, and supporting the facility’s operations.
Now Borealis is set to operate the plant directly by transferring its majority share in Renasci to BlueAlp, then acquiring a 10% share in BlueAlp to help it grow and scale up.
The financial details of the transaction are not being disclosed. However, the move is anticipated to strengthen BlueAlp’s licensing proposition, drive technology innovation, and establish a ‘robust’ platform for high-quality feedstock production.
As the Packaging and Packaging Waste Regulation is expected to increase demand for recycled materials in contact-sensitive applications, Borealis and BlueAlp’s collaboration is anticipated to help customers and partners across the value chain access polymers based on chemically recycled feedstock.
BlueAlp is set to lead the next phase of development and further advancement of Renasci. Meanwhile, Borealis aims to develop customer solutions based on chemically recycled feedstock.
“The deepening of the partnership with BlueAlp, combining assets and technology, will accelerate progress in chemical recycling for the industry,” says Stefan Doboczky, CEO of Borealis. “It will allow Borealis to accelerate serving our customer base with an ever-broadening range of polymers based on chemically recycled feedstock.
“This transaction is fully in line with Borealis We4Customers Strategy, helping customers to deliver on their sustainability ambitions, whilst strengthening the innovation and operational focus of the group.”
“Borealis’ direct support comes at a pivotal moment in the chemical recycling industry, where rapid expansion of capacity is needed to achieve recycled content targets,” adds BlueAlp CEO Valentijn de Neve. “Their market experience and materials expertise will support our growth and position us well to turn more plastic waste into high-quality circular feedstock.”
In other acquisition news, Agilyx has entered into a binding agreement to acquire 44% of GreenDot. This is hoped to strengthen Agilyx’s presence in the European market and create a global platform for sourcing and supplying feedstock to the advanced recycling industry.
The European Commission has also granted unconditional approval for Mars’ $36 billion (€30,915,000,000) merger with Kellanova. Kellanova’s snacking brands – including Pringles, Kellogg’s, Pop-Tarts, Rice Krispies Treats, and Cheez-It – will be incorporated into the existing Mars Snacking portfolio.
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