Packaging company Sealed Air announced that it has made an equity investment in Plastic Energy Global, and signed an agreement with its advanced recycling technology subsidiary, Plastic Energy.

Plastic Energy Global is focused on creating a circular economy for plastics by diverting plastic waste away from landfills and oceans. The company currently has two operations in Spain, and is targeting 50 new facilities over the next 10 years through Western Europe and Asia.

Sealed Air stated that its collaboration with Plastic Energy will help to eliminate plastic waste, support complementary approaches to recycling and enable its customers to incorporate recycled plastics back into their packaging. The announcement aligns with Sealed Air’s commitment to lead collaborations with global partners to increase recycling and reuse rates, as well as the company’s target to design and advance packaging solutions that are 100 percent recyclable or reusable by 2025.

Ted Doheny, Sealed Air President & CEO, said:

“We’re excited to join forces with Plastic Energy to innovate faster and accelerate the development of new technology that eliminates waste and ensures a circular economy for plastics. This collaboration will help us meet our 2025 sustainability pledge and lead the way in transforming our industry.”

Plastic Energy has set a goal to process 300,000 tonnes of plastic by 2025, diverting from landfills. The company’s technology platform transforms post-consumer plastic waste into new recycled oil that can be used to create essential packaging solutions, including protective packaging for food, thereby enabling plastic to become a new resource.

Carlos Monreal, Founder and CEO of Plastic Energy, said:

“We are delighted to start this new strategic collaboration with Sealed Air, which will lead to the acceleration of development of the advanced recycling industry as well as provide a circular solution for more and more plastics.”