STAMFORD, Conn. and LONDON and GHENT, Belgium -- Freepoint Eco-Systems Belgium NV (Freepoint Eco-Systems) and North Sea Port announced today the signing of a long-term concession agreement for the development of Freepoint Eco-Systems' first advanced recycling facility for plastics in Europe. The facility will be situated in the Kluizendok site on the left bank of Ghent-Terneuzen Canal, Belgium, within the port area of North Sea Port. Upon completion, the facility will operate as one of the largest plastic recycling facilities globally.

Freepoint Eco-Systems aims to construct an ISCC-Plus Certified advanced recycling facility. The state-of-the-art facility will recycle end-of-life waste plastic, diverting it from incineration. Spanning 10 hectares (24.7 acres) of currently undeveloped land, it will have the capacity to recycle approximately 80,000 metric tons of waste plastic annually.

The project is designed for future expansion, with a plot capable of supporting an anticipated total recycling capacity of approximately 160,000 metric tons of waste plastic per year. Freepoint Eco-Systems is currently engaged in feedstock sourcing and financial planning, with construction slated to commence upon completion of the permitting process, which is expected in 2025.

"The announcement of our inaugural European location signifies the next phase in our global strategy," said Oscar Gutierrez, President of Freepoint Eco-Systems International. "We look forward to supporting the European waste management industry, offering solutions for hard-to-recycle plastic streams. Our plans underscore our commitment to helping the petrochemical industry achieve its goal of developing the circular economy and meeting low-carbon feedstock objectives."

Freepoint Eco-Systems specializes in developing and operating advanced recycling facilities for plastics globally. The Ghent location is the first of several European projects currently in development.

"The strategic location of North Sea Port aligns perfectly with our business model of building circular economy infrastructure at scale with access to superior logistics, enabling us to better serve our global customers," said Gutierrez. "We want to thank North Sea Port and Flanders Investment and Trade for believing in our mission and for providing the support necessary to launch this project. Our team looks forward to shaping a more sustainable future together."

Daan Schalck, CEO of North Sea Port, commented, 'We are very excited to host such a major industrial investment. We encourage the development of circular chains, in which raw materials and products are constantly reused. As a port, we have excellent access to tomorrow's raw materials within our circular valleys. As a versatile multimodal hub for global trade flows, we can guarantee the smooth transport of goods via Western European inland waterways, motorways, railways and pipelines. As a frontrunner in the circular revolution, we are happy to cooperate with Freepoint Eco-Systems' first advanced recycling facility for plastics in Europe."

Jan Jambon, Minister-President of Flanders said, "Plastic waste and the decline of it, is a challenge for all countries and regions worldwide. Flanders strives towards a greener future, in which industry and climate are in harmony. The collaboration between Freepoint Eco-Systems and North Sea Port is therefore a huge leap forward in achieving this goal."

 "Flanders Investment & Trade is thrilled to connect two revolutionary forces in building an ecological ecosystem towards the future. With one of the largest plastic recycling hubs globally, Flanders will now not only be frontrunner in this area, but also invest in a greener future for all of us," said Joy Donné, CEO of Flanders Investment and Trade.