Last Updated on: 22nd November 2023, 06:10 pm
A new partnership between Clean Planet Energy and private equity firm, Crossroads Real Estate,, could be good news for the UK recycling industry, as the pair look to build 10 new ecoPlants across the country.
The first step of this partnership saw Crossroads Real Estate announce funding for Clean Planet Energy’s flagship ecoPlant, which is under construction in Teeside, Northeast England.
This is thought to be the first of a potential 10 plants that the pair are hoping to build and operate around the UK.
These ecoPlants have been designed to accept 20,000 tonnes of plastics each year that could otherwise end up in a landfill.
This waste is then converted into low-sulphur fuel, or petrochemical feedstocks.
A statement detailing the partnership added that “Clean Planet Energy’s ultra-low-sulphur diesel can reduce greenhouse gas (GHG) emissions by 75% compared to the use of traditional diesel”.
This partnership could see over £400m of new investment deployed for the future construction of these facilities.
David Gillerman, Founding Partner and CEO of Crossroads Real Estate expressed his delight at joining this venture.
He said: “The negative impact of plastic waste on our environment, plus the challenges we face from excess carbon emissions, made the joint venture with Clean Planet Energy a very compelling opportunity. With this investment, we have the ability to make a significant environmental and social impact across the UK.”
Bertie Stephens, Group CEO of Clean Planet Energy, echoed this enthusiasm.
He added: “Clean Planet Energy’s mission is to remove over 1 million tonnes of non-recyclable plastic waste from our environment, every year. This exciting partnership gives us the capacity to make a significant dent in this target.
“Having Crossroads Real Estate join us, not just for the development of potentially 10 new UK ecoPlant projects, but also for the construction of the current Teesside ecoPlant, means in Crossroads we have a partner who, like us, is focussed on making a sustainable difference with its investments; delivering on a vision of a greener United Kingdom and beyond”.
Potential sites for new ecoPlants have already been established, in Lincolnshire, Gloucestershire, Lancashire and South Wales.