Synova and Technip Energies Announce Strategic Partnership in Advanced Plastic Recycling Technology

MAASSLUIS, Netherlands -- Synova and Technip Energies announce they have entered into a joint development and cooperation agreement to commercialize Synova's advanced plastic waste-to-olefins technology, in conjunction with Technip Energies' steam cracking technology.

Synova's patented thermochemical recycling technology closes the gap in the plastic supply chain, by taking dirty and mixed plastic waste and breaking it down to its basic building blocks, such as olefin monomers and co-products, to produce circular plastics. The process has a low carbon footprint and displaces the need for virgin polymers, in addition to reducing the need for intensive plastic waste sorting.

The technology was invented by the Netherlands Organization for Applied Scientific Research (TNO), an independent Dutch research organization that, amongst others, develops technology relevant to the Circular Economy and Energy Transition. Together with Synova, the technology has been further developed, tested and piloted over a 15-year span.

Technip Energies brings its expertise in hydrocarbon treatment and purification, along with its unmatched experience in design, construction and upgrading steam cracker units to this partnership with Synova. The company will cooperate with Synova in the optimization and improvement of the plastic recycling technology.

"Chemical recycling is going to be a big business, and we have a technological advantage in the race", said Van Morris, CEO of Synova. "Partnering with Technip Energies brings the expertise, skill and reputation to achieve the last mile of commercialization and allow this technology to provide a path to a more sustainable future."

Stan Knez, Senior Vice-President Technip Energies Process Technology, stated: "Technip Energies is founded on the vision of accelerating the energy transition for a better tomorrow. This partnership with Synova supports our vision by providing consumers, manufacturers and plastic producers a circular economy route, using recycled monomers from end-of-life plastic waste.  The symbiotic coupling of the Technip Energies steam cracker knowledge and Synova technology provides a comprehensive offering."

The result of the strategic partnership will provide a unique waste-to-olefins solution, reducing carbon dioxide emissions and end-of-life plastic pollution by closing the loop in support of a circular economy. The approach gives consumer goods manufacturers a way to achieve recycled content targets, as well as the continued use of current packaging materials now that there is a process to recycle them.

ABOUT SYNOVA:
Synova is an advanced recycling company focused on closing the gap in the plastic supply chain. Its waste-to-chemicals technology is a superior form of chemical recycling, designed to displace the need for fossil fuels and reduce climate impacts.

Synova is focused on enhancing the circular economy of plastics and helping consumer product and petrochemical companies achieve targets for reducing waste and utilizing more recycled plastics.

Synova's patented technology, developed by TNO, a premier Dutch research institute, is uniquely poised to close the current gap in the plastic value chain. Able to process MSW, including mixed plastic waste, the technology also features a 'best in class' cleanup train that removes 99.9% of unwanted tars and uses the energy value to create a highly efficient process with a better CO2 footprint. The result is a gas made up of  high value molecules that have numerous applications, including  olefins (the building blocks for new plastics), BTX, and Renewable Fuels. Synova's technology has more than 7,000 hours of independently verified testing at multiple scales. For more information: synovatech.com or https://www.linkedin.com/company/synova-tech.

ABOUT TECHNIP ENERGIES:
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client's innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts ("ADRs"). For further information: www.technipenergies.com.   

SOURCE Synova