SK Ecoplant announced on Tuesday that it is teaming up with NETSPA for a project in Southeast Asia. (image: SK Ecoplant)
SEOUL, Sept. 13 (Korea Bizwire) — SK Ecoplant announced on Tuesday that it is teaming up with NETSPA, a startup that specializes in recycling waste fishing nets, for a project in Southeast Asia. This project has been chosen as an initial project for the Korea International Cooperation Agency (KOICA) Platform ESG Initiative.
On September 12, SK Ecoplant and KOICA signed an agreement at KOICA’s headquarters in Seongnam, Gyeonggi-do, to kick off the 2024 KOICA Platform ESG Initiative.
Under this agreement, SK Ecoplant will collect discarded fishing nets from the sea, mainly in the south-central region of Vietnam, to make recycled nylon.
The company’s goal is to recycle 8,000 tons of waste fishing nets every year. This effort will cut down carbon emissions by 50,000 tons annually and provide jobs for over 1,000 people.
Netspa has a business model as a raw material manufacturer that recycles discarded fishing nets into high-purity raw materials that are then sold. (Image provided by Netspa)
This project is expected to run for five years, from 2024 to 2028, and will cost a total of 10 billion won, with KOICA contributing 5 billion won.
SK Ecoplant and NETSPA held a ceremony for a joint business development agreement on September 11 at SK Ecoplant’s headquarters in Jongno-gu, Seoul. These two companies plan to create a joint venture (JV) dedicated to recycling waste fishing nets later this year. They will work together in Southeast Asia, including Vietnam.
The companies aim to have the waste fishing net recycling facility set up and running by the first half of next year. In the latter part of the year, they will begin producing 8,000 tons of recycled nylon annually.
This recycled nylon will be used to make fibers for clothing, automotive parts, and electronic components. This agreement gives the two companies exclusive rights to collaborate on recycling waste fishing nets in Southeast Asia.
Kevin Lee (kevinlee@koreabizwire.com)
