STAMFORD, Conn. and LONDON and GHENT, Belgium, May 30, 2024 /PRNewswire/ -- Freepoint Eco-Systems Belgium NV (Freepoint Eco-Systems) and North Sea Port announced today the signing of a long-term concession agreement for the development of Freepoint Eco-Systems' first advanced recycling facility for plastics in Europe. The facility will be situated in the Kluizendok site on the left bank of Ghent-Terneuzen Canal, Belgium, within the port area of North Sea Port. Upon completion, the facility will operate as one of the largest plastic recycling facilities globally.

Freepoint Eco-Systems aims to construct an ISCC-Plus Certified advanced recycling facility. The state-of-the-art facility will recycle end-of-life waste plastic, diverting it from incineration. Spanning 10 hectares (24.7 acres) of currently undeveloped land, it will have the capacity to recycle approximately 80,000 metric tons of waste plastic annually.

The project is designed for future expansion, with a plot capable of supporting an anticipated total recycling capacity of approximately 160,000 metric tons of waste plastic per year. Freepoint Eco-Systems is currently engaged in feedstock sourcing and financial planning, with construction slated to commence upon completion of the permitting process, which is expected in 2025.

"The announcement of our inaugural European location signifies the next phase in our global strategy," said Oscar Gutierrez, President of Freepoint Eco-Systems International. "We look forward to supporting the European waste management industry, offering solutions for hard-to-recycle plastic streams. Our plans underscore our commitment to helping the petrochemical industry achieve its goal of developing the circular economy and meeting low-carbon feedstock objectives."

Freepoint Eco-Systems specializes in developing and operating advanced recycling facilities for plastics globally. The Ghent location is the first of several European projects currently in development.

"The strategic location of North Sea Port aligns perfectly with our business model of building circular economy infrastructure at scale with access to superior logistics, enabling us to better serve our global customers," said Gutierrez. "We want to thank North Sea Port and Flanders Investment and Trade for believing in our mission and for providing the support necessary to launch this project. Our team looks forward to shaping a more sustainable future together."

Daan Schalck, CEO of North Sea Port, commented, 'We are very excited to host such a major industrial investment. We encourage the development of circular chains, in which raw materials and products are constantly reused. As a port, we have excellent access to tomorrow's raw materials within our circular valleys. As a versatile multimodal hub for global trade flows, we can guarantee the smooth transport of goods via Western European inland waterways, motorways, railways and pipelines. As a frontrunner in the circular revolution, we are happy to cooperate with Freepoint Eco-Systems' first advanced recycling facility for plastics in Europe."

Jan Jambon, Minister-President of Flanders said, "Plastic waste and the decline of it, is a challenge for all countries and regions worldwide. Flanders strives towards a greener future, in which industry and climate are in harmony. The collaboration between Freepoint Eco-Systems and North Sea Port is therefore a huge leap forward in achieving this goal."

"Flanders Investment & Trade is thrilled to connect two revolutionary forces in building an ecological ecosystem towards the future. With one of the largest plastic recycling hubs globally, Flanders will now not only be frontrunner in this area, but also invest in a greener future for all of us," said Joy Donné, CEO of Flanders Investment and Trade.

About Freepoint Eco-Systems

Freepoint Eco-Systems Belgium NV is an affiliate of Freepoint Commodities LLC, a global commodities merchant providing supply chain management services and eco-friendly products and solutions to its customers. Among other things, Freepoint Eco-Systems is in the business of securing supplies of waste plastic that is not being recycled and converting that waste into reusable products via its advanced recycling facilities. Freepoint Eco-Systems is engaged in business operations in the U.S., Europe, and Asia. More information can be found at www.FreepointEcoSystems.com.

About North Sea Port

North Sea Port is fully committed to a climate-neutral port by 2050 through energy transition and the development of a circular economy at the port.
North Sea Port is the 60 kilometer cross-border port area stretching from Vlissingen on the North Sea in the Netherlands through Terneuzen to Ghent, 32 kilometers inland in Belgium. As a centrally-located hub in Western Europe, the port specialises in multimodal transport (shipping, inland navigation, rail, truck and pipeline) and a wide range of goods. North Sea Port generates €12.7 billion in added value annually, placing it third among the ports in Europe. When it comes to cargo transshipment, it ranks ninth in the list of the biggest European ports with 65.9 million tonnes. The port area is home to 550 companies and creates direct and indirect employment for 106,000 people.

Contact: Kelly Logan, Kelly.logan@rfbinder.com

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