ROTTERDAM, Netherlands, Oct. 11, 2022 /PRNewswire/ -- LyondellBasell and 23 Oaks Investments, Leiferde/Lower Saxony, Germany, signed an agreement to create Source One Plastics, a joint venture that will build an energy efficient, advanced plastic waste sorting and recycling facility in Germany. Using renewable energy from wind and biomass, the new unit is designed to process the amount of plastic packaging waste generated by approximately 1.3 million German citizens per year. This waste is not recycled today and is mostly incinerated.

The Source One Plastics facility will produce processed waste that will provide a material part of the feedstock for an advanced recycling plant that LyondellBasell plans to build at its Wesseling, Germany, site. Using LyondellBasell's proprietary MoReTec technology, this plant will be the first commercial scale, single-train advanced recycling plant, designed to demonstrate its capability for further scalability. LyondellBasell already operates a semi-industrial scale MoReTec  plant at its Ferrara, Italy, site.

LyondellBasell's new plant is designed to convert hard-to-recycle post-consumer plastic waste into feedstock for new plastic materials. Once in operation, it will enable recycling of most types of plastic materials such as multi-layered food packaging items or mixed plastic containers. The final investment decision on this project is scheduled for the coming months. Both projects contribute to LyondellBasell's sustainability ambition to end plastic waste in the environment.

"We are committed to supporting our customers to meet their demand for renewable and circular solutions," says Yvonne van der Laan, LyondellBasell Executive Vice President, Circular and Low Carbon Solutions. "To truly achieve a circular economy, we have to find creative solutions to meet society's needs. We are taking an important first step into the upstream side of the business to secure access to plastic waste that we will convert into new plastic materials at our advanced recycling plants. This will enable us to meet our circularity ambition and produce two million tonnes of polymers from recycled or renewable resources annually by 2030."

23 Oaks Investments is a strategic solution provider in the upcycling of post-consumer recycled (PCR) plastic waste with extensive experience in the plastics industry. The Source One Plastics joint venture will provide a broad portfolio of services including waste procurement, sorting, and pre-treatment to deliver feedstock suitable for producing high-quality PCR material for a range of applications.

"With our global experience at all levels of the circular economy and our extensive knowledge in all areas of the plastic recycling value chain combined with our strong hands-on approach, we feel we have right mix of competencies to make Source One Plastics a success," says Kai Hoyer, Managing Partner of 23 Oaks Investment. "Together with LyondellBasell's commitment to expand on its circular polymer product offering and its work to develop advanced recycling into an industrial scale technology, 23 Oaks can contribute its part to make this a reality."

In addition to its advanced recycling semi-industrial scale plant, LyondellBasell holds a 50% share in Quality Circular Polymers (QCP). QCP uses a mechanical recycling process to produce premium plastic pellets from post-consumer packaging waste for use in such applications as electrical appliances, washing detergent bottles and suitcases.

As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine's "World's Most Admired Companies" for the fifth consecutive year. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.

23 Oaks Investment GmbH is a holding company that aims to create the global infrastructure for a closed-loop circular economy through financial and operational investments in sustainable companies in the plastics industry. It invests in resource-saving product development and in the design and construction of innovative collection, sorting, and recycling systems. 23 Oaks combines environmental and economic gains in the Circular Economy, providing solutions for the environmentally and climate responsible use of plastics. 23 Oaks was founded in June 2019 by Kai Hoyer in Leiferde/Lower Saxony, Germany.

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. Actual results could differ materially based on factors including, but not limited to, our ability to meet our sustainability goals, including the ability to increase production of recycled and renewable-based polymers; our ability to procure energy from renewable sources; potential governmental regulatory actions; and the successful construction and operation of the joint venture facilities described in this release. 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, 2021, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.

Matthijs Beijk (LyondellBasell) and Kai Hoyer (23 Oaks Investment) sign the agreement to form Source One Plastics.