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Biotrend and Freepoint Eco-Systems International Ltd. have announced a potential strategic partnership aimed at expanding their footprint in the circular plastics economy. By leveraging their shared vision, this collaboration will enhance their presence in the advanced recycling industry.
Combining Expertise for a Sustainable Future
According to the official statement, “In connection with this venture, Biotrend and Freepoint Eco-Systems plan to develop advanced recycling projects that will divert end-of-life waste plastic from landfills and incineration. The projects will transform waste plastic through chemical recycling into pyrolysis oil. This product is used as a feedstock in the production of petrochemical products, including the resins used to make new plastic.”
Founded in 2017, Biotrend is a leading Turkish company that tackles waste management and creates clean energy. The company use advanced technology to convert waste from homes, farms, and forests into valuable resources, including recycled materials, clean-burning fuel, and even electricity. It has 17 facilities across Turkey that help reduce waste and foster a more sustainable future.
Therefore, through this partnership, the company brings its expertise and its development of a 60,000-ton-per-year advanced plastic recycling facility in Aliağa, İzmir, Turkey.
Meanwhile, Freepoint Eco-Systems focuses on building, owning, and operating large-scale facilities that convert waste plastic into pyrolysis oil to make new plastic. The company and its affiliates are developing facilities in North America, Europe and Southeast Asia, including a flagship advanced recycling facility in Ohio, USA. The facility will have the capacity to recycle about 90,000 tons of waste plastic per year and is projected to be one of the world’s largest upon completion in late 2024.
Founded in 2011, Freepoint is a Stamford-based global merchant specialising in physical commodities. Freepoint Eco-Systems International Ltd., an affiliate of Freepoint Commodities LLC, provides eco-friendly products and solutions to its customers.
Join Forces to Tackle Plastic Pollution
Biotrend’s CEO Özgür Umut Eroğlu said, “This strategic partnership strengthens Biotrend’s leadership in plastic recycling and fosters a more sustainable future.” He added, “We are excited to collaborate with Freepoint Eco-Systems and believe this partnership will bring significant success to both companies.”
Oscar Gutierrez, President of Freepoint Eco-Systems International, expressed, “The expansion of our advanced recycling footprint into Turkey, the Balkans and Central Asia represents an important step forward for Freepoint Eco-Systems in its ongoing effort to help solve the plastic waste problem on a global basis.” He added, “Our companies share the goal of building advanced plastic recycling infrastructure required to accelerate the development of circular economy solutions for the benefit of the environment. Biotrend has a strong track record of operating integrated solutions for municipal solid waste in Turkey, and we look forward to building this new plastic recycling infrastructure together.”
In this strategic partnership, Biotrend and Freepoint Eco-Systems are tackling plastic pollution in a major way. Their collaboration aims to develop advanced recycling projects across Turkey, the Balkans, and Central Asia. This ambitious initiative has the potential to divert a staggering 250,000 tons of waste plastic from landfills and incineration annually, significantly reducing plastic pollution in the region.
As part of the potential 50/50 venture, the parties would create a strategic investment company to develop and own future projects. In addition, after completing due diligence, Freepoint Eco-Systems would buy approximately 10% of Biotrend’s shares through a private placement involving an investment in newly issued shares. Proceeds from this capital increase would be used to develop and fund advanced recycling facilities, including the Aliağa facility.
