Borealis acquires a majority stake in Belgian recycling firm Renasci, the polyolefins producer announced.
Borealis announced the acquisition of a ; today it announces an increase of its investment to acquire a majority stake of 50.01%, signalling on-going confidence in the potential of Renasci’s patented SCP concept to drive the circular transformation. The investment is an important component of Borealis’ strategy to reach its ambitious circular goals, which target a six-fold increase in the volume of circular products and solutions to 600 kilotonnes by 2025, rising to 1.8 million tonnes by 2030. The acquisition will support Borealis to reach these goals by providing increasing long-term access to chemically recycled feedstock from Renasci’s Ostend facility and through enabling access to key circular technologies.
SCP is unique because it enables the processing of multiple waste streams using different recycling technologies under one roof, resulting in exceptionally high valorisation of waste. Through leveraging its market access, know-how, and innovative technological capabilities, Borealis will accelerate the implementation of the SCP concept and will also explore opportunities for replicating the model in strategic locations.
“With this investment, we mark another milestone on our path to realising our Strategy 2030 goals. Our acquisition of a controlling stake in Renasci has the potential to unlock significant progress on circularity for our entire industry, and is proof of the spirit in action,” says Borealis CEO Thomas Gangl.
We remind, Borealis, one of the world’s leading providers of advanced and sustainable polyolefin solutions, and a European front-runner in polyolefins recycling; and VERBUND, Austria’s leading energy company, announce that they have signed a ten-year power purchase agreement (PPA) to supply hydropower to Borealis operations in Schwechat, Austria, starting in January of 2023.
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