Lummus and NER partner to deploy waste plastic recycling technology
Lummus Technology has entered into a strategic partnership with New Energy Risk (NER), a wholly-owned division of Paragon Insurance Group, in which NER will serve as the preferred insurance supplier for the company’s Green Circle advanced waste plastic recycling technology.
Green Circle concentrates and expands Lummus Technology’s capabilities to capture new opportunities in the energy transition and circular economy. Green Circle is a leader in providing economically and technically sound solutions to: process solid wastes containing plastics; process various renewable bio-based feedstocks to value-added chemicals, polymers and fuels; decarbonise refinery and petrochemicals assets; and expand production of blue hydrogen and biofuels.
“Green Circle’s advanced waste plastic pyrolysis technology has been developed with a level of expertise and discipline that is rare,” said Brad Price, managing director of Technical Due Diligence at New Energy Risk. “We are proud to help accelerate the adoption of this technology by providing assurance to owners and investors that this technology will perform.”
Upon completing a thorough due diligence process, NER is prepared to provide technology performance insurance solutions to plant owners and operators who license Green Circle’s advanced waste plastic recycling technology. Since 2013, NER’s performance insurance has enabled the financing of more than USD3 billion for development of new and renewable clean energy technologies and other circular economy projects.
“NER provides an extremely valuable service to project owners looking to deploy early-stage technologies at scale through project finance,” said Greg Shumake, managing director of Green Circle. “They thoroughly evaluated our advanced waste plastic pyrolysis technology and are confident in its commercial viability. And as a result, it will be easier for our clients to develop bankable projects to drive a more circular economy.”
The waste plastic pyrolysis technology uses a thermochemical process for turning end-of-life plastics into a high-quality product that can be used to reduce the carbon intensity in the production of both transportation fuels and circular plastics. Green Circle is working across the sector, from Fortune 500 companies to independent project developers, to deploy technologies that close the loop of the plastic product lifecycle.