Brussels, 20 September 2023. Synpet Technologies (“SYNPET”), the Belgium-based chemical recycling company, which provides a unique solution to waste management recycling, has partnered with Kolmar Group AG (“KOLMAR”), the Swiss trading and manufacturing entity; to substantially invest in the Port of Antwerp, one of Europe’s largest and most dense petrochemical clusters; to deploy its cutting-edge technology.
SYNPET is planning to invest in the Port of Antwerp to deploy its cutting-edge technology in one of Europe’s largest and dense clusters of chemicals companies; this is to be done in partnership with KOLMAR, who acquired a significant shareholding in SYNPET at the closure of Synpets first equity round.
Cem Ozsuer, CEO of SYNPET, comments: “Our first plant will be located in the Port of Antwerp, in the heart of one of Europe’s largest chemicals clusters. We are very proud to be investing in the heart of Flanders, at one of the most renowned and well-equipped ports in Europe. We will be contributing to the Flemish region in a sustainable way by addressing the problem of plastic waste, reducing carbon emissions, and creating long-term sustainable jobs. We’ll process 180.000 tons of wet rejected plastic waste per year in a first phase, with a plan to reach 720.000 tons of global plastic waste processing capacity by 2030. SynPet has secured sufficient plastic waste from European partners to feed the first phase.”
KOLMAR the Swiss petrochemical and renewables trading and manufacturing company which owns and operates biofuel assets in the USA; has become a significant shareholder in SYNPET and acquired the global marketing rights to the circular naphtha produced from the technology. KOLMAR is a highly regarded and trusted partner of the industry and is headquartered in Zug, Switzerland whilst operating in over 20 countries worldwide.
Ruth Sandelowsky the CEO of Kolmar Group notes: “Over the last 25 years, KOLMAR has grown to be recognized as a visionary leader in the evolving industry, active in over 100 different petrochemical and petroleum products, and provides] a significant footprint in biofuels and renewables market. This collaboration with SYNPET will allow KOLMAR to offer circular feed to the chemical industry, a corner stone to achieve their ambitions for circularity “.
Finance
Ahmet Eren, CFO of SYNPET continues: “We are very glad to close our first equity round with KOLMAR. SYNPET’s emerging technology and KOLMAR’s global experience in petrochemicals, biofuels and renewables marketing will be a very productive collaboration. At the present time, SYNPET will be executing project finance once the preliminary engineering work is completed. The financial partner, a leading global financial institution, is mandated to raise the required amount of debt to complete the first phase. For this project, we’re committed to partner up with top notch companies in their fields.”
Marketing
Owen Price-James Business Development Director of KOLMAR comments “Circularity [making chemicals from recycled plastics] is a key objective of the European Chemical industry. There is no technology other than SYNPET’s which produces high quality circular chemical feed requiring no further treatment, from rejected plastics at an industrial scale. This is a game changer for the industry, and we are delighted to be partnering with major chemical producers for the sale of the circular naphtha, which will be the subject of future announcements.
Engineering and Permitting
Cem Ozsuer, CEO of SYNPET concludes: “We will be working with KBR, the renowned American engineering firm. We wanted to work with a Tier 1 Engineering firm for this project and are delighted that KBR will be responsible for the engineering package. The procurement & construction will be done by ENKA, a prominent Turkish EPC company. We have also appointed ARUP, (a British engineering consulting firm) to complete the third Party Technical Due Diligence.”
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Press contact
Gunther De Backer
Partner, Backstage Communication
About SynPet Technologies
Synpet Technologies is a clean-tech company created in 2014. Its process for recycling unsorted plastic waste has been tested on a demo scale since 2016, a production unit of 15 tons. It offers a circular economy solution to both the citizen and the oil industry, by recycling the carbon in the waste into renewable oil (naphtha) that can replace fossil oil naphtha in production of new plastics, into high-calorific natural gas for electricity generation, and into biochar that can be used as fertilizer in agriculture or raw material for cement industry. SynPet Technologies now raised enough capital to start the first plant. www.synpet.com
About KOLMAR GROUP
KOLMAR Group AG is a Swiss company with headquarters in Zug and 24 offices worldwide. Over the last 27 years, Kolmar has grown to be recognized as a solid leader in the industry, active in over 100 different petrochemical and petroleum products, including special emphasis on biofuels and renewables: and present in over 20 different countries. The company transacts approximately 6 million metric tons per year. Kolmar Group has a core philosophy of “Growth through Collaboration” this is evident in the intricate physical network and long-term close relationships it has with business partners. Kolmar Group AG has a network of offices strategically located in the centres of the global industry, including North and Southeast Asia, the Middle East, Europe, the MED, Africa, and North and South America. The management of Kolmar Group AG have extensive industry experience with major industry entities and oil majors. Kolmar’s business development teams in Europe and the U.S. are engaged in originating and delivering promising projects with a focus on renewables, circular and low carbon to ensure that Kolmar remains a fundamental and progressive partner for years to come.
