Neste acquires equity stake in Alterra Energy
Renewable diesel producer Neste has acquired a minority stake in Alterra Energy, a company with proprietary thermochemical liquefaction technology. According to Neste, Alterra’s technology enables a broad range of plastic waste streams from diverse post-consumer sources to be liquefied into a material similar to crude oil, which can then be upgraded into feedstock for polymer and chemical production.
Neste’s equity investment will support Alterra Energy’s expansion. The collaboration between Neste and Alterra Energy will include joint technology development and global technology licensing, enabling commercialization of Alterra’s technology in Europe. Alterra Energy is targeting construction of a liquefaction site in Europe this year.
Alterra’s existing industrial-scale waste plastics liquefaction plant in Akron, Ohio, produces commercial volumes of this crude oil alternative.
“[This collaboration] demonstrates our commitment to continue developing the chemical recycling industry by supporting some of the leading companies in commercializing promising technologies,” said Mercedes Alonso, executive vice president of renewable polymers and chemicals at Neste. “This partnership also supports Neste’s aim of building new business growth based on chemical recycling, while marking another significant step towards our target of processing more than one million tons of plastic waste from 2030 onwards.”
Frederic Schmuck, Alterra Energy CEO, said, “The Neste-Alterra partnership will unlock the full potential of the circular economy, bringing our technology to more partners around the world, creating a cleaner planet.” Schmuck added that Neste’s endorsement of its process is “both extremely rewarding and validating.”