Key strategic expansion into target geography with a significant addressable market
Planet Ecotech, a leader in generating plastic and carbon credits using proprietary technology, is delighted to announce that it has entered into an agreement (the “Agreement”) with New England Plastics Ltd, (“New England Plastics”), a leading plastics reprocessing company based in Bangladesh, which specialises in producing high-quality Polyethylene Terephthalate flakes.
Under the terms of the Agreement, New England Plastics will use the Company’s patented technology that converts non-recyclable plastics into eco-aggregates, used in concrete, at three sites based in and around Sylhet, Dhaka and Rayerbag, in Bangladesh. This eco-aggregate replaces a proportion of the traditional ingredients in concrete such as limestone and coarse stone, both of which are mined; a process which creates significant CO₂ emissions.
With over 1.2 million tonnes of plastic waste generated annually in Bangladesh, with additional plastic waste flowing through the country from other countries in large rivers; Bangladesh represents a key strategic initiative for Planet Ecotech.
During the recycling process and concrete manufacture both plastic and carbon credits are created, plastic credits from the removal of waste from the eco system and carbon credits from reduced open burning, mining, extraction and transportation. These credits can be sold to large corporates looking to offset their emissions in the drive towards net zero via platforms such as CTX, VERRA and PCX.
Daniel Hermann, CEO of Planet Ecotech, commented: “We are delighted to have signed this Agreement with New England Plastics. As we embark on this transformative relationship, we are not just committing to innovative recycling solutions; we are paving the way for a more sustainable future in the construction industry. Together, we will convert plastic waste into eco-aggregates, turning environmental challenges into opportunities to generate carbon and plastic credits. We are excited to lead the charge towards a greener tomorrow, one piece of recycled plastic at a time.”
Philip Thomas, CEO of New England Plastics said: “The Agreement with Planet Ecotech will enhance our capabilities to process significant volumes of hard-to-recycle waste plastics efficiently through the use of its innovative patented technology. Our work together will bring transformative environmental benefits to Bangladesh, conserving energy, reducing water usage, saving raw materials and lowering carbon emissions whilst simultaneously delivering significant value through the creation of plastic and carbon credits.”