Braskem Invests in Nexus Circular to Accelerate Advanced Recycling of Plastics
Braskem S.A. (NYSE: BAK), a leading producer of polyolefins, announced its investment in Nexus Circular LLC, a company specializing in advanced recycling technology. This strategic investment aims to convert landfill-bound plastics into sustainable feedstocks for virgin plastic production. Braskem's commitment to a Carbon Neutral Circular Economy includes targets for increasing recycled content sales to 300,000 tons by 2025 and 1 million tons by 2030. The partnership with Nexus aligns with Braskem's broader strategy to enhance plastics circularity and environmental sustainability.
- Investment in Nexus Circular aligns with Braskem's strategy for plastics circularity.
- Targets for recycled content sales aim for 300,000 tons by 2025 and 1 million tons by 2030.
- Partnership enhances Braskem's environmental sustainability initiatives.
- None.
PHILADELPHIA, Feb. 1, 2022 /PRNewswire/ -- Braskem S.A. (B3: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) ("Braskem"), the largest polyolefins producer in the Americas, as well as a market leader and pioneer producer of biopolymers on an industrial scale, today announced its investment in Nexus Circular LLC ("Nexus"), a commercial leader in advanced recycling that converts landfill-bound plastics into circular feedstocks used in the production of sustainable virgin plastics.
Mark Nikolich, CEO, Braskem America, stated, "At Braskem we have a clear, long-term vision which is committed to a Carbon Neutral Circular Economy where nothing is wasted, and everything is transformed. A critical element of achieving this vision is investing in pathways that advance the circular conversion of hard-to-recycle plastic waste to valuable new materials, diverting it from landfills and improving our environmental footprint. Nexus shares our vision for accelerating the commercialization of advanced recycling with their own proprietary innovations and we couldn't be more excited to be a new investor in their journey."
Eric Hartz, President and Co-Founder at Nexus Circular said, "We are so pleased to have Braskem join Nexus' advanced recycling endeavors and receive their support to accelerate our impact and growth worldwide."
Using a proprietary advanced recycling technology, Nexus converts a range of hard-to-recycle plastics especially landfill bound plastic films into its circular feedstocks which can then be converted back into virgin plastics (fully circular). Nexus has optimized the technology to create a highly efficient and economic system providing cost-effective, superior quality and environmentally friendly products for its partners and customers.
Today's investment in Nexus is one component of Braskem's strategy to drive plastics circularity, which includes projects aimed at recycling infrastructure, mechanical recycling, and advanced recycling – all of which are critical to meeting Braskem's and our clients' ESG commitments in the years to come. In addition to the expansion of Braskem's recycled product portfolio in 2021, Braskem is also a founding member of the Alliance to End Plastic Waste, The Recycling Partnership's Polypropylene Recycling Coalition and Cyclyx.
Braskem is strongly committed to a Carbon Neutral Circular Economy where nothing is wasted, and everything is transformed. To support this vision for the future Braskem has clearly stated targets for growing the company's recycled content product portfolio to sales of 300,000 tons by 2025 and 1 million tons by 2030. Braskem' transition to a circular economy is deeply rooted in mechanical and advanced recycling solutions. By engaging and investing in partnership with other members of the value chain the company is strengthening mechanical and advanced recycling, overcoming barriers and ensuring the increased production of high-quality recycled material. All these initiatives are aligned with Braskem's feedstock diversification strategy and its macro goals of expanding the circular economy concept in the plastic chain and becoming a carbon-neutral company by 2050. For more information on Braskem's global sustainable development strategy, please visit www.braskem.com.br/sustainabledevelopmentstrategy.
ABOUT NEXUS
Nexus Circular is a commercial leader in advanced recycling technology that converts landfill-bound plastics into circular feedstocks for production of sustainable virgin plastics used in packaging and other applications. Nexus Circular's end-to-end solution is economically validated as demonstrated by consistent bulk sales of high quality, ISCC Plus circular feedstocks for virgin plastic production. Aligned with global partners who seek proven scalable solutions to meet ambitious plastic circularity goals and with the support of investors including Cox Enterprises, Chevron Phillips Chemical, Printpack and Braskem, Nexus Circular is rapidly expanding its innovation footprint worldwide, moving decisively to address the complex challenges of plastics accumulation in the environment. For more information, visit www.nexuscircular.com.
ABOUT BRASKEM
With a global vision of the future oriented towards people and sustainability, Braskem is committed to contributing to the value chain for strengthening the circular economy. The petrochemical company's almost 8,000 team members dedicate themselves every day to improve people's lives through sustainable chemicals and plastics solutions. Braskem has an innovative DNA and a comprehensive portfolio of plastic resins and chemical products for diverse segments, such as food packaging, construction, manufacturing, automotive, agribusiness, healthcare, and hygiene, among others. With 41 industrial units in Brazil, the United States, Mexico, and Germany, Braskem exports its products to clients in more than 80 countries.
Braskem America, Inc. is an indirect wholly owned subsidiary of Braskem S.A. headquartered in Philadelphia. The company is the leading producer of polypropylene in the United States, with six production plants located in Texas, Pennsylvania and West Virginia, an Innovation and Technology Center in Pittsburgh, and operations in Boston focused on leveraging groundbreaking developments in biotechnology and advanced materials. For more information, visit www.braskem.com/usa.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities of Braskem or any other company.
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