- First of its kind Certification awarded by the Climate Bonds Standard Board
- Initial proceeds to be deployed for construction of Teesside demonstrator facility
- Further proceeds to be used for first integrated 75,000 tonne p.a. commercial facility
REDCAR, England, October 27, 2021--(BUSINESS WIRE)--Poseidon Plastics Ltd.
("Poseidon" or the "Company")
Poseidon is pleased to announce that it has been awarded pre-issuance certification for the Company’s proposed Green Bonds (the "Bonds") under the global Climate Bonds Standard which is an overarching science-based, multi-sector standard overseen by the Climate Bonds Standards Board that allows investors and intermediaries to easily assess the climate credentials and environmental integrity of bonds and other green debt products. This Certification is a first for a European plastic recycling business and provides verification that Poseidon’s Bonds will meet international best practice for climate integrity, management of proceeds, and transparency.
The Bonds themselves, when launched, will help to meet the significant demand for environmentally and socially focused projects and assets, with the Climate Bonds Initiative’s (CBI) Market Data estimating that green, social and sustainability ("GSS") bonds worth over $1.45tn have been issued since 2006, with $360bn issued this year alone. To date, over 389 companies have achieved Climate Bonds Certification including UBS, SNCF, Porsche, and Volkswagen.
Poseidon intends to launch up to £200 million of Certified Climate Bonds, the proceeds of which will initially be used to fund the design and construction of a continuous demonstrator facility and Poseidon’s first integrated 75,000 tonne per annum commercial erPET© facility in the Northeast of England. The first commercial facility will act as a blueprint for Poseidon’s global expansion with multiple locations planned in the European Union and the United States to meet the Company’s target of one million tonnes of recycled erPET© by 2027.
Currently, around 80 million tonnes per annum of PET is produced globally and less than a quarter is recycled. This is where Poseidon hopes to make a significant environmental impact by using previously unrecyclable PET waste, currently destined for incineration and landfills, as feedstock. Successful implementation of Poseidon’s proprietary enhanced recycling technology will deliver a circular economy for PET, which will no longer be considered as a ‘single-use’ plastic, but rather a valuable and fully recyclable feedstock.
The Bond offering will complement the Company’s intended reverse take-over ("RTO") of Curzon Energy, which is listed on the Main Market of the London Stock Exchange. By offering Green Bonds, as well as equity during the RTO process, the Company expects to have access to the external funding required to support a rapid global commercialisation of industrial volumes of erPET©.
Lasse Wagene, CEO of Poseidon Plastics, commented:
"We are delighted to have received pre-issuance certification and are looking forward to launching our first Green Bond in the coming months. We have enjoyed working closely with the CBI and share their vision of mobilising the global bond market for the promotion of a climate resilient economy."
"As the eyes of the world turn towards Glasgow for COP26, demand for high-quality, sustainable debt instruments remains significant. It is only through the growing partnership of capital markets with innovative green businesses like Poseidon that the world’s economies can meet their essential climate targets."
Poseidon Enhanced Technologies Group
Poseidon is an enhanced recycling company focussed on developing and commercialising its best-in-class PET waste recycling process. Poseidon breaks down waste PET in all forms, including textiles, carpets, films, and bottles, to its base building block, to create its proprietary feedstock, Poseidon rBHET©. The feedstock is then remanufactured into virgin-like erPET© for food-grade plastic packaging, bottles, and containers. In February 2021, Poseidon entered an RTO process with Curzon Energy, a company listed on the Main Market of the London Stock Exchange. The transaction is expected to complete in Q1 2022.
About the Climate Bonds Initiative
Climate Bonds Initiative is an investor-focused not-for-profit, promoting large-scale investment in the low carbon economy. Climate Bonds undertakes advocacy and outreach to inform and stimulate the market, provides policy models and government advice, market data and analysis, and administers an international Standard & Certification Scheme for best practice in green bonds issuance. For more information, please visit www.climatebonds.net.
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Via Vigo Consulting
Lasse Wagene, Chief Executive Officer
John McGoldrick, Executive Chairman
Chris McMahon / Charlie Neish
+44 (0)20 7390 0226