This move is part of efforts to address the environmental impact of the plastics industry, which relies heavily on fossil fuels and has low recycling rates.
Vioneo's process will use methanol to produce polypropylene and polyethylene, both of which will be 100% fossil-free. The production will be powered by renewable electricity, helping to reduce greenhouse gas emissions. These fossil-free plastics will have applications in various sectors, including healthcare, household goods, automotive, and packaging.
The global plastics industry contributes about 5% of worldwide greenhouse gas emissions, and that figure could rise to 15% by 2050. Only 9-15% of plastics are currently recycled. Vioneo aims to help reduce these emissions by establishing its first production plant in Antwerp, Belgium, with an investment of €1.5 billion. The plant will produce 300,000 tonnes of fossil-free plastics annually, cutting approximately 1.5 million tonnes of CO2 emissions.
The project will begin its Front-End Engineering Design (FEED) phase in late 2024, with a final investment decision (FID) expected in 2025. Commercial production is slated for 2028. Vioneo is in discussions with global companies for long-term supply agreements.
Jan Secher will serve as chairman of Vioneo, with Alex Hogan appointed as CEO, both starting on November 11, 2024.