Itero and COUNT Energy Trading sign Heads of Terms for offtake agreement
terms agreed for purchase of circular liquid product from netherlands plant
Recycling technology company Itero today announces the signing of a major purchase commitment with COUNT Energy Trading for an agreed share of liquid product from its recently announced, at-scale demonstration plant in the Netherlands.
On January 18th 2021, Itero announced plans to build an innovative plant for recycling plastic waste at Brightlands Chemelot Campus in Sittard-Geleen, the Netherlands. Today’s announcement is a clear signal of the urgent demand for solutions to help solve the global plastic waste problem.
Founded in 2010 and based in London, Itero has created a leading technology that converts hard-to-recycle plastic waste into a raw material that can be used to produce new plastic products. The highly efficient process reduces emissions associated with both the disposal of plastics by landfill and incineration, and the production of new plastics from fossil-derived petrochemicals.
The Brightlands Chemelot facility will convert 27,000 tonnes of mixed and contaminated plastic waste into valuable oils, wax, and gas that can be used as a raw material to produce new plastic and petrochemical products. COUNT Energy Trading has committed to purchasing up to 19,000 tonnes of the recycled liquid hydrocarbon products, the Itero plant expects to generate annually.
Itero CEO Simon Hansford commented:
“This partnership with COUNT is a significant step in the realization of our commercial and sustainability ambitions and the best possible endorsement of the urgent need to find solutions to the global problem of plastic waste. We look forward to working closely with the COUNT team to deliver high-quality circular products for their clients. We very much appreciate the effort and commitment COUNT has shown towards the development of our relationship, it has contributed significantly to our understanding of the requirements of our future customers.”
“We look forward to working closely with the COUNT team to deliver high-quality circular products for their clients”
Simon Hansford, CEO Itero
COUNT Energy Trading, Head of Recycling, Jan-Willem Muller further commented: “As COUNT we are proud to be part of the initiative to convert waste into renewable material. Sustainability is an integral part of our business, and we are therefore honoured to join Itero in fostering advanced recycling in our market. Itero has shown great commitment and professionalism in disrupting the traditional linear economy. We have full belief in the great future of our collaboration and are looking forward to turning the myth about the circular economy into a reality!”