Landfills are filled with waste all over the world. Korkia’s portfolio company Griffin Refineries has found a market for refining waste as a raw material, fuel and energy. As a forerunner in this field of business, the company won Business Finland’s Growth Engine Competition and is currently undergoing an investment round to finance its growth.
The images of the waste fills of metropolitan areas and plastic waste on our oceans has etched on our memory. We are in a situation in which the amount of municipal and plastic waste is constantly increasing and at the same time people all around the globe are demanding efficient solutions for reuse and recycling of waste.
“The global market for recycled plastics is predicted to grow to near 50 billion EUR by 2024.”
A new and advanced waste processing solution
“Our company develops, owns and operates waste disposal plants which then sell their raw material, fuel and energy to their customers”, says Martti Malmivirta, Executive Chairman of Griffin Refineries Oy.
“Griffin Refineries, construction company BESIX and the local Tech Group are building the first modern waste disposal plant in the Middle East in Umm Al-Quwain, United Arab Emirates. Plant worth more than 30 M EUR will convert waste of half a million inhabitants for use as a fuel and as a raw material for cement manufacturing”, says Malmivirta.
Griffin has also taken the initiative to make business from waste plastics. “The world’s plastic production and the amount of plastic waste has grown more than 20 fold over the last 50 years. However, only nine percent of global plastic waste is currently recycled”, Malmivirta says. After China banned import of waste plastic a huge shortage of recycling capacity and availability of recycled plastic arose across the globe. There is no quick fix to be seen: the global market for recycled plastics is predicted to grow to near 50 billion EUR by 2024.
Significant growth field to Finland
Griffin Refineries pilots the Plastic Waste Refining Ecosystem project, which was recently awarded one of the winners of the Business Finland’s Growth Engine Competition. A total of 28.4 million EUR of subordinated loan was granted to five platform companies with the aim of building significant international growth areas in Finland.
Understanding global requirements and adapting solutions to the local situation has begun to bear fruit. In a fast growing market, there is much to gain from both business and sustainable development angle.
Griffin Refineries is currently running an investment round to accelerate its growth.