HONEYWELL AND HINERGY ANNOUNCE ADVANCED PLASTIC RECYCLING PROGRAM

(MENAFN- Adfactors PR) INDIA, August 22, 2024 — Honeywell (NASDAQ: HON) has announced that Beijing Hinergy Qingyuan Technology Co., Ltd. ("Hinergy") will deploy Honeywell UpCycle Process Technology to help accelerate plastic recycling in China.
Hinergy plans to build a plastic facility in Shandong Province that will deploy Honeywell's UpCycle Process Technology to convert waste plastic into recycled polymer feedstock (RPF). The facility is expected to transform 30,000 tons of mixed waste plastics into RPF per year using Honeywell’s technology. The collaboration underscores Honeywell’s focus on the energy transition, one of three compelling megatrends Honeywell’s portfolio is aligned to alongside automation and the future of aviation.
UpCycle reduces the need for fossil fuel-derived virgin plastics. When used in conjunction with other chemical and mechanical recycling processes - along with improvements to collection and sorting - Honeywell's UpCycle Process Technology has the potential to help recycle nearly 90% of waste plastics[1]. This would represent a considerable increase in the amount of waste plastics that can be turned into polymer feedstock[2].
"Hinergy is fully committed to technological development and project construction in China's environmental protection industry. With the accelerated global carbon reduction process and national support for the circular economy, we are confident in the future market prospects for recycling plastic waste," said Chen Donglin, Chairman of Hinergy. "Through cooperation with Honeywell, Hinergy will leverage the company’s UpCycle Process Technology to establish our first waste plastic recycling facility, and further contribute to China's circular plastics economy."
Honeywell's UpCycle Process Technology utilizes industry-leading molecular conversion, pyrolysis, and contaminants management technology to convert waste plastic back to RPF, which is then used to create new plastics. This expands the types of plastics that can be recycled, including colored, flexible, multilayered packaging and polystyrene.
"Honeywell's UpCycle Process Technology broadens the types of plastics that can be recycled, to help close the loop within the plastics supply chain with a lower carbon footprint," said William Yu, President of Honeywell China. "We are pleased to collaborate with Hinergy to promote the commercial application of UpCycle, helping to address challenges in traditional plastic waste recycling and contributing to China’s sustainable development goals."
Honeywell will provide Hinergy with its UpCycle Process Technology for the new facility, as well as start-up engineering and technical services across operations, optimization, monitoring, and maintenance throughout the factory's service life.
About 60% of Honeywell's new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers. In China, Honeywell has been implementing the "East for East" strategy, supporting China's dual carbon goals by continuously developing advanced products and technologies to shape a sustainable future in collaboration with Chinese partners.
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