MacroCycle signs carbon-credit deal with Meta to fund first PET plant
US plastics recycling startup MacroCycle has agreed a deal with Meta under which Meta will buy environmental attribute credits tied to avoided carbon emissions from MacroCycle's recycling process. The revenue is intended to help finance construction of MacroCycle's first commercial facility in the United States, a demonstration plant designed to produce 5,000 metric tonnes of recycled PET a year.
Why this mattersCarbon-credit financing from a large corporate buyer offers recyclers a new funding route to scale low-carbon PET capacity ahead of proven customer demand.
- MacroCycle's demonstration plant is designed to produce 5,000 metric tons of recycled plastic per year
- Meta is paying for environmental attribute credits tied to avoided carbon emissions, its first such deal
- MacroCycle says its process cuts carbon emissions by 80% versus virgin PET
- The process dissolves and purifies PET from waste streams including textiles, which have a 0.5% recycling rate
- MacroCycle is three years old, based in Cambridge, Massachusetts
- Future plants are planned to produce 50,000 metric tons of material per year, according to CEO Stewart Peña Feliz
Sources
techcrunch.com