PlantSwitch raises USD7.7 million funding round

PlantSwitch raises USD7.7 million funding round

MRC -- PlantSwitch (Dallas), a startup aiming to produce bioplastics from upcycled agricultural waste, has raised $7.7 million in an early fundraise round, including $2 million from alternative asset manager NexPoint (Dallas), said the company.

The funding will go toward scaling up plastic resin production at PlantSwitch’s recently acquired facility in North Carolina.

PlantSwitch has entered into framework agreements to supply “several nation-wide restaurant and grocery store chains” with bioplastic products, the company said. The company is also aiming to increase the size of its workforce to 50 employees by the end of 2024.

In addition to the $7.7 million funding round, PlantSwitch has received a $4.94 million grant from the US Department of Agriculture.

We remind, TotalEnergies has reported net income of $6.67bn (€6.33bn) in the third quarter of 2023, a marginal 1% increase compared with $6.62bn in the same period a year ago, said the company. In the July–September quarter of 2023, the French oil and gas company reported $54.41bn in revenue from sales, a 16% decline from $64.92bn in Q3 2022.

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Dow approves investment for Path2Zero project in Canada

Dow approves investment for Path2Zero project in Canada

MRC -- Dow announced that its board of directors has declared Final Investment Decision on the Company's Fort Saskatchewan Path2Zero investment to build the world's first net-zero Scope 1 and 2 emissions integrated ethylene cracker and derivatives facility in Alberta, Canada, said Reuters.

The $6.5 billion project, excluding governmental incentives and subsidies, includes building a new ethylene cracker and increasing polyethylene capacity by 2 million MTA as well as retrofitting the site's existing cracker to net-zero Scope 1 and 2 emissions. The investment is expected to deliver $1 billion of EBITDA growth per year at full run rates over the economic cycle while decarbonizing 20% of Dow's global ethylene capacity.

This new capacity will enable Dow to capture growing customer demand in high-value markets, such as packaging, infrastructure and hygiene, among others, with potential additional value captured from commercializing low and zero-emissions products. The project builds on Dow's expertise in successfully implementing large projects, such as its TX-9 cracker in Freeport, Texas, which has delivered more than 15% return on invested capital since its 2017 start-up through best-in-class capital intensity, conversion cost, and low emissions intensity.

The board's approval enables the Company to begin construction in 2024. Capacity additions are expected to come online in phases, with the first phase starting up in 2027, adding approximately 1,285 KTA of ethylene and polyethylene capacity, and the second phase starting up in 2029, adding an additional approximately 600 KTA of capacity.

We remind, Dow could make a final investment decision (FID) on its net zero carbon emissions cracker project at Fort Saskatchewan in Canada’s Alberta province as soon as October. The company announced the Canadian project in October 2021, and in March officials indicated a FID by end 2023.

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NOVA Chemicals announces early tender results of cash tender offer

NOVA Chemicals announces early tender results of cash tender offer

MRC -- Nova Chemicals Corporation is planning to refinance up to USD400 million in senior bonds due in 2024 with a USD400 million private bond offering due in 2028, said the company.

The new bonds carry an interest rate of 8.50% per year, compared with an interest rate of 4.875% per year for the notes that are being retired.

The bonds due in 2024 are the subject of a tender offer, which has been oversubscribed, with an aggregate principal amount of about USD754.5 million validly tendered as of Nov. 22. Nova expects that it will accept USD400 million of these bonds for purchase on a prorated basis.

The new bonds are structured with a redemption feature which allows Nova to redeem up to 10% of the bonds per year at a value of 103% of the bond’s face value. This provision applies during the customary two-year non-call period, when Nova cannot call the bonds in for redemption.

We remind, Amcor, a global leader in developing and producing responsible packaging solutions, today announced a Memorandum of Understanding (MOU) with leading sustainable polyethylene producer NOVA Chemicals Corporation for the purchase of mechanically recycled polyethylene resin (rPE) for use in flexible packaging films. Increasing the use of rPE in flexible packaging applications is an important element of Amcor’s commitment to support packaging circularity.

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Fire hits production site in Tarragona, Spain

Fire hits production site in Tarragona, Spain

MRC -- Repsol's cracker at Tarragona is offline following a fire in the Olefins plant, according to Plasteurope.

The company is currently investigating the cause, sources said. Repsol has declared force majeure on production from its propylene oxide/styrene monomer (POSM) unit in Tarragona, Spain, after a fire earlier this week forced the company to idle feedstock production at the site, according to market sources. A restart date for the units was not immediately clear.

We remind, Repsol posted net income of EUR 2.785 bn in Jan-Sep 2023 in a context of significantly lower crude oil and gas prices than in Jan-Sep 2022. Investments through Sep 2023 totalled EUR 4.362 bn (+82%), mainly in Spain and the US.

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Repsol posts net income of EUR2.785 bn and advances its transformation

Repsol posts net income of EUR2.785 bn and advances its transformation

MRC -- Repsol posted net income of EUR 2.785 bn in Jan-Sep 2023 in a context of significantly lower crude oil and gas prices than in Jan-Sep 2022, said the company.

Investments through Sep 2023 totalled EUR 4.362 bn (+82%), mainly in Spain and the US.

At the same time, the company advanced in its transformation by developing low-carbon industrial projects, increasing its portfolio of renewable assets and launching a unique multi-energy offer for customers in Spain.
From September 6 until January 10, 2024, Repsol doubled the discounts on its Planes Energias program, which covers mobility and household supply. Thanks to this initiative, customers who use the Waylet application benefit from savings of up to 40 eurocents per liter of fuel and can recharge electric vehicles for free at public charging stations.

We remind, Repsol's cracker at Tarragona is offline following a fire in the Olefins plant, according to sources and local media reports. The company is currently investigating the cause, sources said. It is not clear whether any force majeure declaration has been made.

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