SMX flags major technology breakthrough that enables global brands and retailers to meet their sustainability goals
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Leveraging SMX’s technology, the field tests have demonstrated an advanced solution for the circular plastics economy.
The field tests have shown that by using SMX’s technology, plastic products which are marked at the virgin production stage and at the waste collecting stage can become a newly used material for the plastic industry.
SMX’s digital twin technology has therefore proven that it can be used to extend the life cycle of plastics produced and also reduce the amount of new virgin plastic production.
Once the plastic has been graded and certified by SMX’s digital twin technology, brands and retailers can reach their measurable goal of creating a circular, closed-loop economy for the global plastics industry.
“It’s the ability to re-use plastic, not collect it, which is what’s been unlocked here,” SMX CEO Haggai Alon said.
And the field tests breakthrough puts SMX at the forefront of a major shift in the global plastics industry.
Using its product tracing solution, waste management companies are able to sell a much more valuable product because their plastic recycled content is certified and graded.
It lays the platform for companies to operate with a whole new business model based on SMX’s technology.
And it comes at a time when companies are under increasing pressure to improve their business practices in line with ESG standards.
“This solution is an answer for clients across a range of industries, including packaging companies, waste management firms, and other high-profile manufacturing companies such as fashion brands,” Alon said.
This breakthrough come alongside SMXs partnership with German multinational BASF, first announced in 2020.
To find a recycling solution for plastics, both companies leveraged their respective strengths to create an improved solution for plastics recycling – a major priority for global firms as part of the shift to a sustainable economy.
The development plans between the two companies were followed up by the launch of a pilot program in Canada, where the tech solution was deployed for a consortium of major corporations including CSSA, Layfield, London Drugs, Merlin Plastics, NOVA Chemicals.
With a major breakthrough completed, SMX is now working towards commercialising its circular economy solution for the plastic industry towards brands, retailers and waste collecting and sorting companies.
For more information please see the below video on the plastic and circular economy.
This article was developed in collaboration with Security Matters, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.