Austrian chemical maker Borealis received a €250 million ($292 million) loan from the European Investment Bank that will be used to fund the company’s multi-year research, development and innovation (RDI) programme on circular economy solutions for plastics. With the funding, Borealis can ramp up efforts to develop new polyolefins-based circular solutions at its Innovation Centres in Austria, Finland, and Sweden.
Borealis has been one of the leading producers of polyolefins, which are used in a wide range of applications, including packaging, consumer products, power transmission cabling, as well as construction and industrial materials. The company aims to make its core business more circular as part of its 2035 Group Strategy announced in 2019. Borealis has developed the Borenewables™, a portfolio of circular polyolefins made of renewable feedstock. Its proprietary Borcycle™ technology also enables the company to produce high-quality, recycled polyolefins (rPOs). It also cooperates with clients and suppliers to incorporate circular solutions and increase the use of recycled plastics in its products.
EIB provides long-term capital and advisory support for investments which are in line with the EU climate policy goals. Since 2000, EIB has invested over €210 billion ($245 billion) inside and outside the EU to advance innovation and address the current and future social and economic challenges. The group aims at supporting climate action, including circular economy projects, with €1 trillion ($1.17 trillion) of investments. In 2015-2019, the bank provided more than 100 circular projects with around €2.5 billion ($2.92 billion) in loans.
