Aker ASA: REV Ocean: Launching of The Plastic REVolution Foundation in Ghana

(Accra, Ghana, 31.05.19) Accra produces an estimated 270,000 tons of plastic waste annually, 50 percent of which is not formally collected into waste management streams. As part of REV Ocean's commitment to finding solutions to the global challenge of plastic pollution in the world oceans, the Plastic REVolution Foundation has been established to find the best opportunities to support Ghana and pilot solutions that can be scaled-up globally. The new Foundation is led by Erik Solheim, who is supported by a top-notch team of experts in this field.

- We start in Ghana because the country is struggling with plastic litter, and because President Nana Akufo-Addo has ambitions for the capital Accra to become the cleanest city in Africa, says REV Ocean CEO Nina Jensen.

It is estimated that the cost of inefficient waste and sanitation management in Ghana equals 1.6 percent of GDP, or $290m USD annually. Plastic REVolution is currently investigating the feasibility of running a plastic-to-fuel plant in central Ghana based on pyrolysis technology which enables the conversion of plastic into smaller molecules which can be used either as fuel or to create new plastic.

- We will try to create a win-win situation where we set up systems that allow us to remove the plastic and also provide opportunities for people who pick garbage to deliver it to us. Using a circular-economy approach we hope to create many jobs, says Erik Solheim.

Mr Solheim will use his extensive network of researchers, business partners and political contacts to help champion this innovative foundation and create real impact on the ground. The initial estimate for the first pyrolysis plant is in the range of $20-40m USD. If successful in Ghana, the goal is to expand to other cities in the developing world where municipalities are struggling with plastic pollution.

To date, an initial feasibility study mapping current waste production, waste management, and the plastic economy in Ghana have been undertaken. The study is helping answer key questions related to which system for collecting plastic waste may enable a stable supply of appropriate feedstock, and which technology provider offers the technical solution most likely to succeed in the given context. Answering these questions is essential for determining whether it will make sense to move forward with the investment.

It is through the generous financial support of Norwegian businessman and visionary Kjell Inge Røkke that both REV Ocean and Plastic REVolution have been established; each with a mandate to pioneer effective sustainable development and enable partners, businesses and other stakeholders to implement cutting edge environmental solutions. Mr Røkke is also behind Aker Energy in Ghana, where approximately $4.5 billion USD will be invested in the first oilfield project.

Spokespersons for the Plastic REVolution Foundation:

Erik Solheim
CEO, Plastic REVolution Foundation
[e-mail]
[phone]

Nina Jensen
CEO, REV Ocean
[e-mail]
[phone]

Attachment

• The Plastic REVolution Foundation in Ghana (photo) (https://ml-eu.globenewswire.com/Resource/Download/a1ac6f73-48ec-4418-ace4-d80b92d5c217)