10th May 2023 – London, UK
- This MOU will formalise Polymateria’s partnership with LCTM and highlights the companies’ commitment to developing a sustainable plastic alternative for Malaysia.
- Polymateria’s biotransformation technology safely returns common single use plastic items to nature without leaving any microplastics or toxic residue, and has gained significant traction among customers, both upstream and downstream, worldwide.
- LCTM will work with Polymateria to develop a next generation biodegradable plastic resin using the biotransformation technology.
LOTTE Chemical Titan (M) Sdn. Bhd., Petaling Jaya, Malaysia / Polymateria Ltd, London, UK – LOTTE Chemical Titan Holding Berhad (“LCT”)’s subsidiary, LOTTE Chemical Titan (M) Sdn. Bhd. (“LCTM”) and Polymateria Ltd (“Polymateria”) have agreed to build cooperation and pursue joint collaboration on the development of products incorporating next generation biodegradable technology including Polymateria’s proprietary technology (“Biotransformation”) in Malaysia by signing a non-legally binding memorandum of understanding (“MoU”). The MoU signing took place on 10 May 2023 at LCT’s headquarters in Selangor Darul Ehsan, Malaysia.
This MoU was signed by President & CEO of LCT, Mr Park Hyun Chul and CEO of Polymateria, Mr Niall Dunne. The MoU is a form of mutual commitment in recognising each other’s commitment to pursue and achieve plastic sustainability in Malaysia.
The MoU coverage is focused on the cooperation of the two parties to develop products with Biotransformation Technology, promotion of environmentally sustainable biodegradable plastic solutions in Malaysia, and conducting any additional activities deemed mutually beneficial to work towards plastic sustainability in Malaysia. Specifically, both parties will work towards developing a new biodegradable resin with this technology.
Plastics are an important part of everyone’s daily lives, but the mismanagement of single-use plastics and the resulting impact on the environment is one of the leading global environment challenges. According to the Malaysian’s Government’s Plastic Sustainability Roadmap (2021), 63% of plastic wastes in Malaysia were not recycled or disposed in proper facilities. This is higher than the global average and must be addressed.
In addition to working closely with policymakers, universities and other social entities, collaborations between industry players like this is key to find solutions to address the complex, social, environmental and economic challenges faced by the petrochemical industry, plastic manufacturers and consumers. Hence, both parties hope to achieve positive outcomes in managing the issue of plastic waste in Malaysia.
President & CEO of LCT, Mr Park Hyun Chul stated:
“We are pleased to build partnerships with new innovative technologies to jointly develop sustainable, biodegradable and environmentally friendly alternatives for the Malaysian market. The MoU is part of our initiatives to manage climate change and minimising environmental impact in our business operations. At LCT, we embrace our parent company’s corporate vision “Every Step for Green” and aim to provide our customers with more sustainable options as we work together to build a more sustainable future.”
Niall Dunne of Polymateria commented:
“We are excited to cement our partnership with LCTM with the signing of this MOU. We look forward to working closely together to support Malaysia’s journey in tackling unmanaged plastic waste. Deploying our biotransformation technology in plastic resin gives it unprecedented scalability as we address the global plastic pollution challenge.”
About LOTTE Chemical Titan Holding Berhad:
LOTTE Chemical Titan Holding Berhad (LCT or Company) is the subsidiary of LOTTE Chemical Corporation under the LOTTE Group. Established in 1991, the Company is Malaysia’s first standalone polyolefins producer and one of the largest integrated olefin and polyolefin producers in Malaysia and Southeast Asia.
LCT aims to create a better world and cater to the needs of people by enhancing their quality of life. LCT produces two principal product categories: olefins & other derivatives and polyolefins. The Company is in people’s everyday life as polyolefins, which comprise polyethylene (PE) and polypropylene (PP), are the most basic building blocks in the plastic fabrication industry. PE and PP are common materials for producing products ranging from daily necessities, e.g. electrical appliances, consumer packaging, and household products, to industrial materials, e.g. automotive parts, textile, general industrial applications, healthcare, and agricultural products.
LCT’s production site in Malaysia consists of 12 plants located on two sites in Pasir Gudang and Tanjung Langsat, Johor, and owns a 40% stake in LOTTE Chemical USA Corporation in Houston, Texas. As the Company envisions to be a Top Tier Petrochemical Company in Southeast Asia (SEA), in 2006, it expanded its regional footprint with 3 polyethylene plants in Indonesia through its subsidiary, PT LOTTE Chemical Titan Nusantara. The Company has also commenced the construction of the LOTTE Chemical Indonesia New Ethylene (LINE) Project in Indonesia in first quarter of 2022, and the completion is expected to be in 2025.
About Polymateria
Polymateria aims to utilise scientific advancements to address the issue of plastic pollution. Established at Imperial College London, the company has become the first entity to demonstrate, through scientific evidence, that the most prevalent sources of unmanaged plastic waste can be returned to nature without generating microplastics, negatively impacting the ecosystem or disrupting recycling processes on a large scale. As a result of its efforts to promote circularity and combat plastic pollution, Polymateria was honoured as a World Economic Forum Tech Pioneer in 2021.
For more information:
Tara Philip
Senior Communications Manager, Polymateria
tp@polymateria.com / www.polymateria.com
Benjamin Poh
Director of Communications, LOTTE Chemical Titan (M)
benjaminpoh@lotte.net / www.lottechem.my