Alpek, S.A.B. de C.V. announced that it has formed a new joint venture company with ContourGlobal plc to develop a CO2 capture and liquefaction facility. The site would be integrated into ContourGlobal’s cogeneration facility in Altamira, Mexico. Each party holds a 50% stake in the JV. The JV was created to meet the rising need of food-grade CO2 for Mexico´s food and beverage industry, which is currently undersupplied by around 80,000 t/a, and used in the carbonation of soft drinks, beer, and mineral water, among others.
This venture is well aligned with the three pillars of Alpek’s Long-Term Strategic Growth Plan:
- Foster a Circular Economy / Sustainable Product Portfolio: Alpek intends to continue growing its share of products that promote a lower carbon footprint and are well aligned with a fully circular economy. The proposed CO2 recovery facility would be a carbon negative asset, helping Alpek reduce its carbon footprint, as the company works towards full carbon neutrality.
- Strategic & Focused Growth / Product Innovation: When Alpek began negotiating the sale of CGA to ContourGlobal in 2019, both companies were already contemplating the construction of a CO2 recovery facility. In this sense, this venture represents the fruit of a proactive mindset of both teams. The Innovation team will continue to actively look for new products that can help Alpek grow by drawing on its core strengths.
- Strengthen the Core Business / Value Added Products: This venture diversifies Alpek’s portfolio with a new product that can be commercialised through its existing PET customer base, moving us further into new, attractive and growing markets.