Plans by Technip Energies to accelerate its research and development in clean and circular technologies are being backed with a €40 million loan from the European Investment Bank (EIB).
Technip Energies, a France-based technology and engineering company, said that the investment will allow it to expand its textile recycling company Reju and its demonstration hub, located in Frankfurt, Germany, where it is developing technologies for regenerating polyester textiles and post-consumer polyethylene terephthalate (PET) waste. The company added that the Reju hub will be used to bring together a network of partners to build a “new circular textile ecosystem, where textiles don’t end up in waste", but are instead converted in recycled PET.
“The development of innovative technologies for the energy transition, the decarbonisation of chemical value chains and the recycling of problematic textile waste - all these objectives align with the EIB priorities of climate action and innovation,” said EIB vice president Ambroise Fayolle.
Technip Energies added that the loan will support its research and development investments up to 2028. As well as the focus on clean and circular technologies, the company is also looking at the potential for developing industrial electrification, polymer recycling and sustainable chemistry.
Technip Energies’ chief financial officer Bruno Vibert said: “This financing underscores Technip Energies’ capability to develop and scale up technologies that support Europe’s journey towards a more sustainable industrial future.”
In a separate development, Technip Energies has been awarded a detailed engineering contract for carbon capture and storage (CCS) facilities to be located in the Arthit gas fields in the Gulf of Thailand. The project is backed by Thailand’s PTT Exploration and Production (PTTEP).
This is Thailand’s first CCS project and paves the way for the technology to play a significant role in advancing the country’s net zero goals. Once operational the facility will eventually capture and store up to 1 million tonnes of carbon dioxide per year. PTTEP has said that the project will require a total investment of some $320 million.
Technip Energies said that its scope includes detailed engineering for new CCS processing units and carbon dioxide injection facilities for brownfield modifications to the existing Arhit Central Processing Platform. Technip also delivered the pre-front end engineering and design (FEED) and FEED phases of the project between 2022 and 2023.
Further reading:
- Earth Day: EU sets course to circular economy as SCI showcases sustainable technologies
- Fashion disaster: Why it's time to tackle textile waste
- CCS: Two carbon capture projects ready for construction
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