Neste receives EU funding for chemical recycling

        Renewable energy company Neste has received a grant of up to €135 million from the EU Innovation Fund to expand its chemical recycling capacity at its Porvoo refinery in Finland.

        The funding will be used to expand its Circular Economy (PULSE) project for the pre-processing and upgrading of liquefied waste plastics. Neste's PULSE project aims to reach 400,000 tons/year of waste plastic pre-processing and upgrading capacity.

        The PULSE project plays an important role in the commercialization of chemical recycling, as it closes the quality gap between unprocessed liquefied waste plastics and the raw material needs of the petrochemical industry, paving the way for large-scale implementation of chemical recycling. The company aims to process more than 1 million tons of waste plastics per year from 2030.

        It is understood that the EU Innovation Fund is one of the world's largest funding programs for innovative low-carbon technologies.