Biotrend Environment and Energy Investments Inc. and Freepoint Eco-Systems International Ltd. have joined forces to develop projects that will recycle waste plastics into marketable products. The companies, which aim to establish a joint venture, have signed a Framework Agreement in this regard. This strategic collaboration represents an important step towards realizing their vision of finding a solution to the global plastic waste problem.
Acting on the mission of transforming plastic waste into value, Biotrend and Freepoint Eco-Systems focus on innovative solutions that reduce emissions, create economic value and improve current recycling methods. In 2024, Biotrend announced its intention to enter into a strategic partnership with Freepoint Eco-Systems, which develops innovative facilities for transforming plastic waste into a valuable resource. With the newly signed Framework Agreement, the companies will work together with the aim of developing joint projects. When they are ready to jointly invest in the first project, they will establish a company with a 50-50 partnership to manage this project and future investments. With the signing of the Framework Agreement, the companies will begin to work in close collaboration to achieve this goal.
Future Projects and Production Targets
As previously announced, Biotrend is developing a waste plastic processing plant in Aliağa, İzmir. This plant will process 60.000 tons of plastic waste per year into pyrolysis oil, a sustainable alternative to naphtha in petrochemical production. The Aliağa Plant will be the first investment in the joint venture, provided that Freepoint Eco-Systems completes its due diligence and other conditions are met. As stated in the Framework Agreement, Biotrend and Freepoint Eco-Systems aim to increase their total plastic waste processing capacity to 250.000 tons per year.
In the event that the joint venture company invests in the Aliağa facility, Freepoint Eco-Systems will also discuss investing up to USD 30 million in shares of Biotrend. Biotrend will use the capital from this investment to build and develop projects under the joint venture agreement, including the Aliağa facility.
An Important Step Towards a Sustainable Future
Biotrend continues its sustainability journey with determination with its environmentally sensitive approach and investments in alternative energy projects. It once again demonstrated its commitment to combating climate change and sustainable economy principles with its first sustainability report published at the end of 2024. Biotrend CEO Özgür Umut Eroğlu said the following about the Framework Agreement: “This partnership we have established with Freepoint is an exciting step that carries Biotrend’s sustainable economy vision to the global level. After completing the financing processes, we aim to produce pyrolysis oil by processing 60.000 tons of plastic waste per year in the advanced recycling facility we have built in Aliağa. This project will reduce dependency on fossil-based naphtha, minimize environmental impacts and strengthen Türkiye’s sustainable economy potential. The expansion of our cooperation with Freepoint Eco-Systems offers the opportunity to expand our investment plans and increase our annual plastic waste processing capacity to 250.000 tons in Turkey, the Balkans and Central Asia. We are also evaluating the possibility of increasing the capacity of our Aliağa facility.”
Eroğlu concluded his words by saying, “With our first sustainability report, we highlighted our performance in environmental, social and governance areas and highlighted the solid steps we have taken towards our sustainability goals.”
Oscar Gutierrez, President of Freepoint Eco-Systems International, commented on the new partnership with Biotrend as follows: “As Freepoint Eco-Systems expands our activities from North America to Europe and beyond, we aim to provide solutions to the global plastic waste crisis and develop economically efficient projects. In this regard, we are looking for strategic partners like Biotrend. We look forward to establishing a long-term and mutually beneficial partnership with the Biotrend team.”
Support for Türkiye's 2053 Goals
Biotrend plays a leading role in combating climate change in line with sustainability principles. The company contributes to Türkiye’s 2053 net zero emission target and effectively evaluates green financing resources by investing in low-carbon technologies and leading the sector. The Framework Agreement with Freepoint Eco-Systems is an indication of Biotrend’s determination in this direction.
