EcoCreation, a company specializing in the manufacturing of pyrolysis oil plants for waste plastic, announced on December 8 that it has signed a supply contract with ToGreenPiotech (CEO Lee Byunggeun), located in the Saemangeum Industrial Complex in Gunsan, North Jeolla Province. The contract covers the supply of 10 pyrolysis units capable of processing 25,000 tons of waste plastic annually.
According to EcoCreation, this contract is similar in scale to the pyrolysis oil project in the Gyeongju Geoncheon Industrial Complex, which was completed and began operation in June this year following a contract for 10 units worth approximately 19 billion won in November 2023. Following the contract signed in October, the company has already received the down payment and is currently proceeding with equipment orders and design work.
An EcoCreation representative explained, "For the first 10-unit order, which was promoted using a project financing model, our technology was verified through efficiency guarantee insurance from financial institutions and Lloyd's of the UK. The significance of this new Saemangeum project is that it marks the first case where a private company is carrying out a large-scale 10-unit project using its own funds and bank loans, reaffirming market trust in EcoCreation's technology."
EcoCreation is a specialized manufacturer of pyrolysis plants that can process waste plastics in an environmentally friendly way. Through its independently developed catalyst technology, the company has secured the capability to effectively remove wax and chlorine from pyrolysis oil. This technology obtained the Ministry of Environment's New Excellent Technology (NET) certification for the first time in Korea and is highly regarded in the industry for its outstanding equipment stability and processing efficiency.
Meanwhile, the revision of the "Petroleum and Alternative Fuel Business Act" in August last year officially recognized various non-petroleum feedstocks such as waste plastic pyrolysis oil, waste cooking oil, and biomass as alternative fuel and refining feedstock. This provided a legal basis for chemically recycled raw materials to be incorporated into the existing oil refining and fuel industry system. As the increase in plastic waste and the challenge of carbon neutrality converge, recycling technology is emerging as a key driver of sustainability for both countries and companies.
Jeon Beomgeun, CEO of EcoCreation, stated, "With this contract, including the 10 units already in operation, we have now secured orders for a total of 20 pyrolysis units in Korea, and we expect to win similar-scale orders domestically next year as well." He added, "Currently, we are also conducting a demonstration test in Europe by installing one unit and applying locally sourced waste plastic. Based on this, we plan to accelerate our entry into the European market, which is the largest eco-friendly industry market, next year."
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