KOLON Industries, to build a global network for ESG management

- MOU with Swiss Gr3n for sustainable PET recycling -

▷ On August 26^th, KOLON Industries signed an MOU with Swiss Gr3n that has the technology to chemically recycle PET waste

▷ To procure high-quality renewable materials for use in sustainable rPET chip production

▷ To accelerate ESG management by securing globally renowned eco-friendly technology

KOLON Industries (CEO Hee-Koo Jang) seeks to expand its eco-friendly plastic business by partnering with Gr3n, a company located in Switzerland that chemically recycles waste PET (polyester). On August 26th, KOLON Industries and Gr3n signed an MOU to establish a business partnership for a sustainable chemical plastic recycling technology via a video conference.

Gr3n uses microwave technology to drastically reduce the energy and time required to transform waste PET into high-purity raw material. It also developed a sustainable “closed-loop” process, which reuses the auxiliary chemical used in raw material production to dissolve waste PET.

The conventional mechanical recycling method that relies on heat treatment can only purify waste plastic to a certain extent, which limits the possibility of recycling. On the other hand, the chemical recycling method developed by Gr3n can extract high-purity materials regardless of the type or the level of contamination of the waste. This eco-friendly PET recycling process reduces energy consumption and CO2 emissions by approximately 30~40% compared to the traditional PET recycling process which is generated from crude oil.

Through this partnership, KOLON Industries will be producing rPET (recycled-PET) chips for various purposes using high-quality, eco-friendly renewable materials produced by Gr3n. The two companies will continue to cooperate in core technology development and acquisition of new customers and sustainability certification. This will enable them to begin mass production of r-PET from 2025, dominating the leading position in the market, and expanding and diversifying their partnership in the field of eco-friendly materials.

Hee-Koo Jang, CEO of KOLON Industries, remarked that “we are very pleased to be able to collaborate with a global partner that has the core capability and the competitiveness in the eco-friendly plastic recycling business. With the MOU as the starting point, we will make multi-faceted efforts to implement ESG management globally.”

After signing the MOU with the Korea Veterans Association in June 2021 for recycling military waste plastic, KOLON Industries also entered into an MOU with Goyang City in Gyeonggi Province, and is proactively collaborating with groups and local governments to expand its sustainable plastic recycling business.