Freepoint Eco-Systems Announces Project Finance Facility with ING

Rhea-AI Summary

Freepoint Eco-Systems has secured a groundbreaking $50 million non-recourse project finance facility from ING Capital for its plastic waste upcycling facility in Hebron, Ohio. The facility, with a capacity to process 180 million pounds of plastic waste annually, represents one of the world's largest commercial-scale operations for converting hard-to-recycle plastic into hydrocarbon-rich liquid for new products.

This landmark financing deal marks the first of its kind in the developing plastic reclamation space, demonstrating that innovative plastic upcycling facilities can access project finance loan markets. The facility aims to reclaim waste plastic otherwise destined for landfills or incineration, supporting Freepoint's strategy to establish multiple waste plastics upcycling facilities globally.

Positive

• Secured substantial $50 million project financing from major bank ING
• Facility features large-scale capacity of 180 million pounds annual plastic processing
• First-of-its-kind financing demonstrates bankability of plastic recycling technology
• Strategic positioning for global expansion with multiple facilities planned

Negative

• None.

STAMFORD, Conn., March 17, 2025 /PRNewswire/ -- Freepoint Eco-Systems LLC ("Freepoint Eco-Systems") is pleased to announce the closing of a $50 million non-recourse project finance facility for its plastic waste upcycling facility located in Hebron, Ohio. The term loan facility, underwritten by ING Capital LLC ("ING"), is the first of its kind in the developing plastic reclamation space for hard-to-recycle plastic.

"We are excited to be partnering with ING in demonstrating that plastic upcycling facilities that utilize new technology have access to the project finance loan markets," said Jeff McMahon, Managing Director at Freepoint Eco-Systems. "At 180 million pounds per year of plastic waste processing capacity, our Hebron, Ohio facility is one of the largest commercial scale facilities in the world, reclaiming waste plastic destined for landfills or incineration and upcycling it into a hydrocarbon-rich liquid from which our customers make new products. We believe that this transaction is an important first step in executing our strategy to build numerous waste plastics upcycling facilities across the globe."

Subha Pasumarti, Managing Director at ING Capital said, "We are thrilled to close this ground-breaking loan facility for Freepoint Eco-Systems' first commercial-scale upcycling facility. This transaction reiterates ING's commitment to support clients active in the circular economy and sustainability sectors. We anticipate demand for debt capital in the plastics recycling market will continue to grow as more waste plastic is recovered and recycled worldwide."

About Freepoint Eco-Systems

Freepoint Eco-Systems and its related companies are affiliates of Freepoint Commodities LLC, a global commodities merchant providing supply chain management services and eco-friendly products and solutions to its customers. Among other things, Freepoint Eco-Systems is in the business of helping companies and waste collectors improve their collection and disposal of plastic waste by upcycling it into a valuable commodity. Freepoint Eco-Systems and its related companies are engaged in business operations in the U.S., Europe, and Asia. More information can be found at www.FreepointEcoSystems.com

About ING

ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank's more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.

Media Contact
Paige Thornton
RF|Binder
212-994-7554
paige.thornton@rfbinder.com

View original content:https://www.prnewswire.com/news-releases/freepoint-eco-systems-announces-project-finance-facility-with-ing-302402224.html

SOURCE Freepoint Eco-Systems LLC

FAQ

What is the size and capacity of Freepoint's new plastic recycling facility funded by ING?

The Hebron, Ohio facility has a processing capacity of 180 million pounds of plastic waste per year, making it one of the largest commercial-scale facilities globally.

How much financing did ING provide for Freepoint's plastic recycling facility?

ING Capital provided a $50 million non-recourse project finance facility.

What makes the ING financing deal with Freepoint Eco-Systems significant?

It's the first-of-its-kind project finance facility in the developing plastic reclamation space for hard-to-recycle plastic, demonstrating market confidence in new recycling technologies.

What is the main purpose of Freepoint's facility funded by ING?

The facility will upcycle hard-to-recycle plastic waste into hydrocarbon-rich liquid that can be used to make new products, diverting materials from landfills and incineration.