NER and Lummus Announce Partnership to Deploy Waste Plastic Recycling Technology

New Energy Risk (NER), a division of Paragon Insurance Group, and Green Circle, a division of Lummus Technology, has announced a strategic partnership in which NER will serve as the preferred insurance supplier for Green Circle’s advanced waste plastic recycling technology.

Upon completing a thorough due diligence process, NER says it is prepared to provide technology performance insurance solutions to plant owners and operators who license Green Circle’s advanced waste plastic recycling technology. Since 2013, NER claims its performance insurance has enabled the financing of over $3 billion for development of new and renewable clean energy technologies and other circular economy projects.

Greg Shumake, Managing Director of Green Circle said: “NER provides an extremely valuable service to project owners looking to deploy early-stage technologies at scale through project finance. They thoroughly evaluated our advanced waste plastic pyrolysis technology and are confident in its commercial viability. And as a result, it will be easier for our clients to develop bankable projects to drive a more circular economy.”

The waste plastic pyrolysis technology uses a thermochemical process for turning end-of-life plastics into a high-quality product that can be used to reduce the carbon intensity in the production of both transportation fuels and circular plastics. Green Circle is working across the sector, from Fortune 500 companies to independent project developers, to deploy technologies that close the loop of the plastic product lifecycle.

Brad Price, Managing Director of Technical Due Diligence at New Energy Risk added:  “Green Circle’s advanced waste plastic pyrolysis technology has been developed with a level of expertise and discipline that is rare, we are proud to help accelerate the adoption of this technology by providing assurance to owners and investors that this technology will perform.”