As part of a strategic collaboration, Covestro received a first delivery of 1,000 tons of renewable phenol from Borealis, produced with renewable hydrocarbons from Neste. Neste produces these ISCC Plus certified hydrocarbons (ISCC: International Sustainability and Carbon Certification) entirely from renewable raw materials. The hydrocarbons are then converted into ISCC Plus certified phenol by Borealis and finally used by Covestro to produce the high-performance plastic polycarbonate – as a replacement for part of the phenol previously manufactured from purely fossil resources. Polycarbonate is used in car headlights, automotive glazing, LED lights, electronic devices as well as other applications.
"With this first supply, we are once again underlining our commitment to the increased use of alternative raw materials. In this way, we are leading carbon in a circle and are driving the circularity forward, which must become the new global guiding principle," says Covestro´s CEO Dr. Markus Steilemann. "By cooperating with upstream partners such as Neste and Borealis, we are showing how a sustainable value chain can work.”
“We are delighted to see our product helping Covestro to achieve this new milestone. It highlights the drop-in nature of our product and its fit for a continuously increasing number of demanding applications,” says Peter Vanacker, CEO of Neste. “Furthermore, it is showcasing how sustainability-focused collaboration among frontrunner companies – Neste, Borealis and Covestro – can make a positive impact even within a complex value chain.”
”Life demands progress. We are proud to be pioneers to deliver renewable phenol to our strategic customer Covestro. Together with our innovative value chain partner Neste we are at the forefront of driving the circular economy,” says Alfred Stern, CEO of Borealis. “This is how we re-invent for more sustainable living.”
Neste produces its renewable hydrocarbons entirely from renewable raw materials, such as waste and residual oils and fats. These hydrocarbons can be used in existing production infrastructures and help replace fossil feedstocks that are used in the polymers and chemicals production. This makes it possible for companies such as Borealis and Covestro to produce more sustainable products with consistently high quality on the basis of their existing processes.
With the planned transformation of raw materials used in the company’s production, Covestro aims at helping key industries such as the automotive and electronics industries to achieve greater sustainability and reduce their dependence on materials from fossil resources. The project is part of a comprehensive program with which Covestro, together with its partners, is seeking to propel the transformation to a circular economy and become fully circular itself.
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Media contacts:
Borealis:
Virginia Mesicek
Senior Manager External Communications
tel.: +43 1 22 400 772
e-mail: Virginia.Mesicek@borealisgroup.com
Covestro:
Dr. Frank Rothbarth
Global External Communications
Trade Media Communications Manager
tel.: +49 214 6009 2536
e-mail: frank.rothbarth@covestro.com
Neste:
Neste’s media service
tel.: +35 850 458 5076
e-mail: media@neste.com
About Borealis:
Borealis is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. With its head office in Vienna, Austria, the company currently has more than 6,900 employees and operates in over 120 countries. Borealis generated EUR 8.1 billion in sales revenue and a net profit of EUR 872 million in 2019. Mubadala, through its holding company, owns 64% of the company, with the remaining 36% belonging to Austria-based OMV, an integrated, international oil and gas company. Borealis provides services and products to customers globally, in collaboration with Borouge, a joint venture with the Abu Dhabi National Oil Company (ADNOC) and with Baystar™, a joint venture with Total in Texas, USA. www.borealisgroup.com | www.borealiseverminds.com
About Covestro:
With sales of EUR 12.4 billion in 2019, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main industries served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, healthcare and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 17,200 people (calculated as full-time equivalents) as of the end of 2019. Further information: www.covestro.com
About Neste:
Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enables our customers to reduce climate emissions. We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2019, Neste's revenue stood at EUR 15.8 billion. In 2020, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com.
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Group Media Desk
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