Petchem firms invest in recycler

The plastics recycler Alterra has received backing from two big petrochemical makers—LyondellBasell Industries and Chevron Phillips Chemical—in an investment round. Also participating in the round were Infinity Recycling and the Finnish refiner Neste, which has already been an Alterra investor. Since 2020, Alterra has operated a plant in Akron, Ohio, that can process 60 metric tons of waste plastic per day into pyrolysis oil that can be used as a feedstock in petrochemical plants. The company has signed agreements to license its process to Neste and Freepoint Eco-Systems to develop plants in Europe and the US, respectively. Alterra says the new funding will help it deploy the technology globally.