BASF invests in Oceanworks to target sea-bound plastics

With an island of plastic waste the size of Mongolia currently polluting the Pacific Ocean, tackling plastic waste from its source is growing more important to prevent further damage to the environment.

German chemicals company BASF has become a major investor in tech startup Oceanworks' platform which allows companies to intentionally source post-consumer plastics bound for the Earth's oceans through its subsidiary BASF Venture Capital.

Read more: ALPLA targets 75,000 tonnes of plastic recycling in Germany

Once the plastics have been sourced they can then be recycled or reused to make other plastics products, actively reducing their environmental impacts.

Since plastics are made from hydrocarbons, carbon emissions are necessary for their production.

Plastic waste either ends up in oceans or landfills and can pose a serious threat to marine ecosystems, which means that Oceanworks' process is twofold.

BASF hopes platforms such as this will help usher in a circular economy - a vital part of the future of the chemicals industry.

“Oceanworks’ traceability tools add real value to reducing plastic waste,” said Markus Solibieda, the Managing Director of BASF Venture Capital.

“With this investment and the collaboration with Oceanworks, we support BASF's goal of providing its customers with sustainable solutions to further improve the production, use and recycling of plastics.”

Plastics are often vital in everyday life, but their abundance comes at a cost. Every day, an average of 8 million tonnes finds its way into the ocean. Responsible handling of these materials is therefore vital in the green transition.

Oceanworks' platform specialises in the traceability of these materials, utilising similar technology to cryptocurrency blockchains in that it stores data in a block.

The firm claims that thousands of tonnes of plastic is available for businesses monthly, including PET plastics, nylon, fibres and compounds.

It currently operates using global partners and can take plastic from anywhere along the waste rabbit hole, ranging from being collected directly from communities to floating offshore gyres.

“Plastic waste in the environment is a huge global challenge, and no one can tackle this alone," according to Martin Kayser, the Senior Vice President for the Alliance to End Plastic Waste at BASF.

"We need many different solutions and actors such as industry, politics and civil society working together.

Read more: TotalEnergies & Honeywell team up for plastic recycling

"This is one of the reasons why BASF co-founded the Alliance to End Plastic Waste in 2019. To protect our planet’s resources, we need to transform the way we live and do business. Oceanworks is a great addition to achieve our ambitious targets."

The pair will continue to look into new technologies to make plastic recycling more efficient and able to handle higher loads, which will help divert even higher volumes of plastic away from the oceans.

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