SEATTLE (Scrap Monster): South Korea's SK Chemicals Co. announced on Tuesday that it has signed a memorandum of understanding (MOU) with Lovere, a leading recycling business brand under China's Shanghai Yuekun Environmental Protection Technology.
The MOU focuses on the joint development of waste plastic collection and sorting operations in Guangdong Province, China.
Lovere is renowned for its capabilities in recycling value chain innovation and operates in 37 Chinese cities. The company annually collects and recycles 420,000 tons of household waste.
Leveraging artificial intelligence (AI)-based sorting automation equipment, Lovere has positioned itself as a key player in the waste management sector.
The joint venture signifies a strategic move for SK Chemicals, which has its own circular recycling plant in Guangdong. Through collaborative investment, both firms will secure waste polyethylene terephthalate (PET), contributing to SK Chemicals' ongoing commitment to eco-friendly, high-performance materials like copolyester.
Amid increasingly stringent global regulations on waste management, the market for recycled plastics is expected to skyrocket to a staggering 600 trillion won (approximately $454 billion) by 2050.
SK Chemicals aims to leverage this partnership to evolve into a solutions provider for plastic recycling.
"Circular recycling technology is not an option but a necessity in the current global landscape," CEO of SK Chemicals Ahn Jae-Hyun said. "We aim to become a company that leads in solving environmental issues through a completely circular system."
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