Coca-Cola Co. signed a loan agreement with chemical company Ioniqa Technologies BV that would accelerate the development and deployment of high-grade recycled content polyethylene terephthalate for use in bottles used by Coca-Cola.
Polyethylene terephthalate, or PET, is a clear and lightweight plastic widely used for packaging foods and beverages, especially convenience-sized soft drinks, juices and water.
Ioniqa has developed a proprietary recycling technology capable of turning hard-to-recycle PET-containing waste, such as colored bottles, into purified polymer building blocks that can be re-formed into high-quality PET. The loan agreement is intended to expedite the scale-up of Ioniqa’s recycling technology, which has been validated at the demonstration scale with value chain partners, according to a Dec. 13 news release.
An industrial plant is being built in the Netherlands for commissioning in 2019.
This investment supports the company’s global goal to move toward a world without waste, which includes a goal to create packaging made of at least 50% recycled material by 2030.
Another soft drink giant, PepsiCo Inc., earlier in the year entered into a multiyear supply agreement with a Canada-based manufacturing company for the use of its sustainable PET in PepsiCo products packaging by early 2020 as it strives to use 25% recycled content in its plastic packaging by 2025 through collaborations with partners and suppliers.