Eastman, a company specializing in materials, has secured a funding of $375 million to support a project aimed at recycling waste and producing new materials for textiles and packaging. This project includes setting up a waste depolymerization recycling facility and a polymer factory to create high-quality materials.

The Department of Energy (DOE) has selected Eastman's project for funding under the Industrial Demonstrations Programme (IDP). The funding, part of the Bipartisan Infrastructure Law and Inflation Reduction Act, will help Eastman establish its second molecular recycling project in the United States.

Eastman has chosen the location for its project in Longview, Texas, considering factors such as favorable energy supply, existing infrastructure, and access to raw materials. The site also offers opportunities for renewable energy production. The recycling facility in Longview is expected to process approximately 110,000 metric tonnes of hard-to-recycle plastic waste.

Mark Costa, the CEO of Eastman, expressed excitement about the project, emphasizing its potential to reduce waste, promote circularity, and contribute to decarbonization efforts. He highlighted the company's commitment to sustainability and innovation in addressing environmental challenges.