LyondellBasell Invests in First Close of the Plastic Circularity Fund
- LyondellBasell commits $44 million to venture capital funds since 2021
- Investments focus on innovative plastic materials for reuse and recyclability
- Company aims to catalyze another five dollars from co-investors for every dollar invested in sustainability
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NORTHAMPTON, MA / ACCESSWIRE / September 12, 2023 / LyondellBasell today announced its investment in the first close of the Lombard Odier Investment Managers (LOIM) Plastic Circularity Fund SCSPp ("Plastic Circularity Fund"). This fund will focus on investments providing solutions to reduce pollution from plastic waste and decrease greenhouse gas emissions in the plastic value chain. This includes investing in companies offering innovative plastic materials designed for reuse and recyclability, and improved collection, sorting and recycling solutions. LyondellBasell has committed a total of
"Advancing circular solutions to meet the global challenge of plastic waste requires engagement and collaboration across the value chain to increase available material supply to meet the robustly growing demand for sustainable products," said Yvonne van der Laan, executive vice president, Circular and Low Carbon Solutions at LyondellBasell. "LOIM's Plastic Circularity Fund aligns with our ambition to help end plastic waste in the environment and accelerate the development of a circular, low carbon economy."
The company's venture capital investments include Closed Loop Partners, Infinity Recycling, HX Venture, Chrysalix, and LOIM. These investments align with the company's goal that for every dollar LyondellBasell invests in venture funds addressing critical sustainability challenges, the company helps catalyze another five dollars from co-investors.
For more information on the company's sustainability goal, click here.
About LyondellBasell
We are LyondellBasell (NYSE: LYB) - a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
Forward-Looking Statement for LyondellBasell
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this release, the words "believe," "may," "will," "expect," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results could differ materially based on factors including, but not limited to, our ability to successfully develop or deploy low-carbon technologies, meet our sustainability goals or connect with other leading companies and entrepreneurs. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2022, which can be found at www.LyondellBasell.com on the Investors page and on the Securities and Exchange Commission's website at www.sec.gov.
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SOURCE: LyondellBasell
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