Borealis Deepens Chemical Recycling Push Through Asset Swap with BlueAlp

Borealis has agreed to transfer its majority stake in Belgian chemical recycler Renasci to Dutch technology provider BlueAlp, while taking a 10% equity stake in BlueAlp, reshaping their collaboration as both companies seek to scale chemical recycling capacity in Europe, according to company announcements.

The transaction marks a shift from a technology-licensing relationship toward a more integrated operating model. Renasci’s Ostend facility, designed to process about 20,000 tonnes per year, was built and engineered using BlueAlp’s proprietary chemical recycling technology. Until now, BlueAlp supported the plant as a technology partner. Under the new arrangement, BlueAlp will assume direct operational leadership of the asset, a move the company says is intended to accelerate innovation and strengthen its position as a licensor of recycling technology.

Borealis entered Renasci several years ago as part of its broader strategy to explore advanced recycling routes capable of producing feedstock suitable for high-performance and contact-sensitive applications. At the time, only a limited number of chemical recycling plants were operating in Europe, and progress was often slowed by technical complexity and uncertain market demand. Observers note that the landscape has since shifted, with regulatory pressure and brand commitments driving stronger demand for recycled polymers.

Industry data show that chemical recycling is increasingly viewed as a complement to mechanical recycling, particularly for mixed or contaminated plastic waste streams that are difficult to process otherwise. The upcoming EU Packaging and Packaging Waste Regulation, expected to take effect later this decade, is widely seen as a catalyst. Industry groups argue that the regulation’s recycled content targets, especially for food and cosmetics packaging, will require additional volumes of high-purity recycled feedstock that chemical recycling can help supply.

Under the revised partnership, BlueAlp will guide the next development phase at Renasci, focusing on operational optimisation and further technology advancement. Borealis, meanwhile, will continue to concentrate on downstream applications, using chemically recycled feedstock to develop polymer solutions for customers across packaging and other sectors.

BlueAlp chief executive Valentijn de Neve said Borealis’ continued involvement comes at a critical point for the sector, as capacity must expand quickly to meet future recycled content requirements. Borealis chief executive Stefan Doboczky said the deal aligns with the company’s We4Customers strategy, enabling faster delivery of polymers incorporating chemically recycled content while sharpening Borealis’ innovation and operational focus.

Financial terms of the transaction were not disclosed. Analysts say similar partnerships are likely to become more common as chemical recycling technologies move from pilot and demonstration stages toward broader commercial deployment, requiring both industrial operating expertise and access to end markets.

Source: Borealis

SUNSHINE Spotlight: By handing operational control of Renasci to BlueAlp while retaining strategic exposure, Borealis is repositioning its chemical recycling strategy to meet rising regulatory-driven demand for high-quality recycled plastics in Europe.