Citroniq Chemicals LLC ("Citroniq"), a world-scale producer of carbon-negative materials, and Mitsui Plastics, Inc ("MPI"), a wholly owned subsidiary of Mitsui & Co. (U.S.A.), Inc., which in turn is a subsidiary of Mitsui & Co., Ltd. (Japan), one of the most diversified and comprehensive trading, investment, and service enterprises in the world, are pleased to announce the execution of a letter of intent for a large-scale supply agreement for sustainable polypropylene, marking the beginning of a long-term alliance between the two companies.
Citroniq and MPI's alliance is timely as consumers are demanding sustainable, environmentally friendly, and socially responsible products. MPI has recognized Citroniq's polypropylene as a viable solution to meeting their growing demand for sustainable materials. Made from a sustainable biogenic feedstock using renewable energy, Citroniq's green carbon-negative polypropylene permanently sequesters CO2 in a useful plastic pellet.
"Citroniq is dedicated to being a 'pure play' sustainable materials company. With our annual capacity of over 800 million pounds of green polypropylene at our Kansas plant, our cost position will be highly competitive, leveraging existing feedstocks and logistically advantaged infrastructure," said Citroniq's co-founder Kelly Knopp.
"Together, MPI and Citroniq will be able to provide customers with global-scale supplies of 'drop-in' sustainable resins much faster than the alternatives, resulting in meaningful reductions in their carbon footprint, on schedule with their carbon reduction targets," said Citroniq's co-founder Mel Badheka.
"Mitsui & Co. has set a goal to become carbon neutral by 2050. MPI, as part of the Mitsui & Co. Group, is investigating various options to accomplish this target, such as adding Green Polypropylene to our portfolio through a partnership with Citroniq," said Mitsui Plastics Inc. CEO Teruya Mogi.
