Eastman selected by U.S. Department of Energy to Receive up to $375 million investment for its second U.S. molecular recycling project
- Selected by the Department of Energy as one of 33 companies for award negotiations to support Eastman's second
U.S. molecular recycling facility - Named
Longview, Texas , as the location for its facility - Finalized incentives with the
State of Texas to assist with project funding
Eastman's second
Investment in the
The company selected the
The investment is expected to bring over 200 full-time, high-paying jobs to the
"We are excited to build our second
Incentives from the
The company was selected by the DOE to accelerate the demonstration of industry-leading low-carbon intensity recycled PET with this project. Reaching a collaborative agreement with the DOE enables expanding the project to include the deployment of thermal heat batteries and onsite solar power. This, combined with Eastman's next-generation methanolysis technology, achieves a step-change improvement in decarbonizing PET production resulting in recycled PET with greater than 70 percent reduced carbon emissions compared to fossil virgin production, and approximately 90 percent reduced carbon emissions when including avoided emissions.
Eastman's planned project in
"We are honored to be selected by the DOE to help fund this important project," Costa continued. "The commitment helps us to further invest in the local community with a comprehensive community benefits plan. The support of these partners is a testament to our technology and the difference we can make for future generations."
Eastman also obtained significant state and local tax incentives in support of the project totaling approximately
"
"We also deeply appreciate the support of Governor Abbott and the
Eastman's proven polyester renewal technology recycles hard-to-recycle plastic waste bound for landfill or incineration today. The company's technology allows this waste to be broken down into its molecular building blocks and then reassembled to become virgin-quality material without compromising performance. Eastman is enabling the potentially infinite use of materials by keeping these valuable molecules in production, in a material-to-material high-yield loop. Eastman can transform waste plastic into virgin quality food contact polyesters with lower greenhouse gas emissions than traditional methods.
In addition to this newly announced facility in
About Eastman
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company's innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,000 people around the world and serves customers in more than 100 countries. The company had 2023 revenue of approximately
Contacts:
Investors: Greg Riddle / 1-212-835-1620 / griddle@eastman.com
Media: Kristin Parker / 1-423-229-2526 / kristin@eastman.com
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SOURCE Eastman