NGP Pilot Plant Commissioned. Operating Campaigns Initiated.
- Shell GameChanger Program — Graduated.
- Pilot steam cracker trials completed under defined conditions.
- NGP Pilot Plant commissioned and operating campaigns initiated.
- Chemelot identified as intended FOAK site.
- $23M USD raised to support development.
A Rapid Sequence of Validation
NGP Pilot Plant Now in Operating Campaigns
The NGP has transitioned from commissioning to structured operating campaigns, generating data for commercial scale-up, customer feedstock qualification, and FOAK plant design.
FOAK Industrial Plant Site Selected
Chemelot Industrial Park in the Netherlands chosen for the First-of-a-Kind plant. ~10,000 tonnes/year initial capacity with room for phased expansion. Proximity to steam crackers and circular value chains.
$23M Raised for Scale-Up
US$20M underwritten public offering plus US$3M overallotment fully exercised. Funds earmarked for FOAK development, NGP operations, and working capital.
Shell GameChanger Graduation
Multi-year program confirmed >80% liquid hydrocarbons in the C5-C23 range with lower gas and char formation compared to typical pyrolysis.
Steam Cracker Pilot Trials Successful
HCT oil processed "as produced" in a European pilot cracker — no hydrotreatment, no dilution. Stable operation with ethylene and propylene yields comparable to fossil feedstocks.
ECOCE Collaboration — Mexico
Multi-year program to evaluate HCT for post-consumer flexible packaging recycling in Mexico. Testing from laboratory through pilot scale on real Mexican waste streams.
The Potential Economic Benefits of HCT
Management has identified three key areas where Hydrochemolytic™ Technology may offer advantages over alternative chemical recycling approaches.
The Economic Case for HCT
Feedstock Flexibility
Designed to handle mixed plastics including PE, PP, PS, PET, and polyamide—streams that can be challenging for alternative processes. This may allow access to lower-cost feedstock.
No Hydrotreatment Required
Steam cracker trials demonstrated the oil can be processed "as produced" without hydrotreatment or dilution—a step that can represent significant cost for alternative processes.
High Yield to Crackable Product
Shell GameChanger testing confirmed greater than 80% yield of liquid hydrocarbons in the C5-C23 range, with lower gas and char formation versus typical pyrolysis.
Shell GameChanger Results
Source: Shell GameChanger program, December 2025. Testing also confirmed lower gas and char formation compared to typical pyrolysis.
>80% Liquid Hydrocarbons in the C5-C23 Range
Independent testing confirmed HCT produces steam cracker-ready output with lower gas and char formation compared to typical pyrolysis.
Regulatory Developments
Extended Producer Responsibility and circular economy legislation is expanding globally, which may create increased demand for chemical recycling solutions.
PPWR + Fuel Exempt Clause
The EU now recognizes chemical recycling under the Plastics Packaging Waste Regulation. However, only carbons that become new plastics count toward recycled content mandates—fuel byproducts are excluded.
General Circular Economy Law
Passed by Mexico's Chamber of Deputies (460-0) and Senate (111-0) in December 2025. Creates mandatory Extended Producer Responsibility. Plastics are designated as a priority sector in the 2026-2030 implementation program.
EPR Expansion
Extended Producer Responsibility legislation continues to expand in regions including Canada, Australia, the Philippines, and parts of Africa. Seven U.S. states have now enacted packaging EPR laws.
"We do not have complicated tailor-made reactors. We just use things that have been around for years. It helps us tremendously to keep it simple and also easy to multiply."— Eric Appelman, Chief Revenue Officer
Stock Therapy with Penny Queen, November 2025
Path to Commercialization
From pilot validation to commercial deployment
Company Snapshot
Key figures as of the most recent reporting period
Hydrochemolytic™ Technology Overview
A water-based chemical process operating at moderate temperatures using standard industrial equipment.
Hydrochemolytic™ Technology uses pressurized water and catalysts to break down plastic polymers into liquid hydrocarbons. Steam cracker pilot trials conducted in October 2025 demonstrated the output oil could be processed "as produced" — without hydrotreatment or dilution — delivering ethylene and propylene yields comparable to fossil feedstocks.
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