Explore the words cloud of the SynOil project. It provides you a very rough idea of what is the project "SynOil" about.
The following table provides information about the project.
COMPOSITE RECYCLING LIMITED
|Coordinator Country||Ireland [IE]|
|Total cost||71˙429 €|
|EC max contribution||50˙000 € (70%)|
1. H2020-EU.3. (PRIORITY 'Societal challenges)
2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs)
3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies)
|Duration (year-month-day)||from 2019-11-01 to 2020-04-30|
Take a look of project's partnership.
|1||COMPOSITE RECYCLING LIMITED||IE (CORK)||coordinator||50˙000.00|
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.
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The information about "SYNOIL" are provided by the European Opendata Portal: CORDIS opendata.