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Taking SynOil to the market: Synthetic oil (SynOil) from plastic waste with the molten zinc reactor

Project description

Turning plastic waste into synthetic oil

The global waste trade is restricted due to international regulations against import/export. In 2019, the EU signed an agreement classifying plastic waste as dangerous. This creates more difficulties exporting waste to third countries. As a consequence, plastic waste treatment remains under the care of the municipal authorities. However, a considerable part of plastic waste cannot be recycled. The EU-funded SynOil project proposes a new method to turn plastic waste into synthetic oil. The method is based on treatment with molten zinc that is the fastest feasible way to treat plastic waste owing to heat transfer. Following the demonstrator scale unit, the project will prepare for commercialisation.

Objective

In Europe, the US and elsewhere, many municipals are sending more plastic waste to landfill or incineration for lack of other options. This reversal is due to the Dec. 2017 Chinese import ban on plastic waste. Moreover, the regulatory pressure on plastic recycling is increasing: in May 2019 the EU and most other states signed an agreement, which classifies plastic waste as hazardous, greatly reducing the capabilities of EU member states to export plastic waste to the third world and, hence, requiring treatment within the EU. In summary, the burden of dealing with plastic waste will shift back to Europe, the US, Canada and Japan presenting a large, global business opportunity for Composite Recycling Ltd (CRL).

Product & value proposition: CRL owns the patent to turn plastics waste into synthetic oil by treatment with molten zinc. This innovation named SynOil delivers highly profitable plastic waste incl. non-recyclable plastics to synthetic oil plants as SynOil is the fastest possible solution to treat plastic wastes due to heat transfer.

Target-users of SynOil are plastic waste recyclers, municipals and industrial plastic waste producers worldwide.

Market size: Worldwide about 100 SynOil plants are required. The financial returns for an operator are excellent with IRR’s over 25%depending mainly on throughput, but also local market conditions and other factors.

The next step in the SynOil project is the demonstrator scale unit – followed by commercialization. The funding requirement for the demonstration stage is between €1.5 and 8.0 million. The higher figure of €8.0 million is for the special case of a commercial plant for large plastic pieces.

Company: CRL was founded in 2012 to commercialize our waste tyre and printed circuit boards (PCBs) recycling processes. SynOil – waste plastic to oil or diesel – is yet another pillar in our growth strategy.

Business model & commercialization: CRL will use the licence and design business model to commercialize SynOil.

Fields of science (EuroSciVoc)

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Topic(s)

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Funding Scheme

Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.

SME-1 - SME instrument phase 1

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Call for proposal

Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.

(opens in new window) H2020-EIC-SMEInst-2018-2020

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Coordinator

COMPOSITE RECYCLING LIMITED
Net EU contribution

Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.

€ 50 000,00
Address
THE RUBICON CENTRE CIT CAMPUS BISHOPSTOWN
T12 Y275 CORK
Ireland

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SME

The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.

Yes
Region
Ireland Southern South-East
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Links
Total cost

The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.

€ 71 429,00
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