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Houston company secures deal to launch recycling tech in South Korea

Lummus Technology will roll out its advanced plastics recycling technology in South Korea. Photo via Canva

A Houston-based company with a suite of technologies and energy solutions has announced a new deal that will take its business to South Korea.

Lummus Technology reached an agreement with Dongyang Environment Group to roll out Lummus' advanced plastics recycling technology in Seosan, Chungcheongnam-do, South Korea, and will be operated by Dongyang Environment's subsidiary, Seohae Green Chemical.

"We are pleased to announce this agreement with Dongyang Environment, one of South Korea's leading providers of energy and environmental services," Greg Shumake, vice president and managing director of Green Circle, says in a press release. "This is a significant step forward in our commitment to the circular economy and to deploying advanced plastics recycling technology in South Korea and other key markets around the world."

Lummus' Green Circle technology converts plastic waste into chemicals and feedstocks, creating circularity. The platform "concentrates and expands Lummus Technology’s capabilities to capture new opportunities in the energy transition and circular economy," per the release.

"Dongyang's resource recycling and energy conversion expertise and Lummus' world-class technology will create strong synergies," Byung Jin Song, the head of Dongyang Environment R&D center, says in the release. "Additionally, Dongyang will strengthen its position in the chemical recycling industry, offering more sustainable products and increased value to our customers."

Last month, Lummus remarked that its interested in expanding contracts in the Middle East.

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A View From HETI

The new Houston office is part of BBVA’s corporate and investment banking unit in the U.S. and will partner with global BBVA cleantech finance teams. Photo via bbva.com

Spanish financial services company BBVA Group has created a hub in Houston for financing energy transition projects in the U.S.

BBVA made the announcement at the first-ever Houston Energy & Climate Week, which the bank sponsored.

“The United States has a unique opportunity to lead the global transition to a more sustainable economy. Our office in Houston, the energy transition capital of the world, will be a key component of our sustainability strategy, complementing and integrated with our New York operations,” Alvaro Aguilar, BBVA’s head of strategic projects in the U.S., says in a news release.

The new Houston office is part of BBVA’s corporate and investment banking unit in the U.S. The local hub will partner with BBVA cleantech finance teams in New York City, London, and Madrid.

“We aim to make sustainability a driver of growth, support decarbonization projects, and position BBVA as the leading player in sustainable finance in the United States,” says Javier Rodríguez Soler, BBVA’s global head of sustainability.

BBVA’s U.S. sustainability strategy supports energy companies and those that promote renewable energy, including wind and solar, as well as emerging cleantech options, such as energy storage systems, hydrogen, and carbon capture. It also covers sectors like electric vehicles and energy efficiency.

As of June 2024, BBVA had amassed $279 billion in sustainability business toward its 2025 goal of $332 billion.

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