Mumbai, India Dow (NYSE: DOW) and Lucro Plastecycle, a homegrownIndian recycling company, have signed a memorandum of understanding (MoU) to develop andlaunch polyethylene (PE) film solutions using post-consumer recycled (PCR) plastics in India.This agreement introduces a close-the-loop packaging solution to help enable a circular economyin India and expands Dows plastics circularity portfolio in the Asia Pacific region.

This collaboration is aligned with Dows new sustainability target of stopping the waste bycollecting 1 MMT of plastics to be collected, reused or recycled by 2030. Under the MoU, Dowwill provide its material science and application development expertise to Lucro, a specialist inrecycling flexible plastic film waste, who will develop and manufacture the film structures. Thesefilm structures are made by processing plastic waste collected through various recycled streamsin combination with Dows virgin resins. This approach could also reduce carbon emissions whencompared to virgin PE resins and as a result could contribute to helping converters and brands tomeet their sustainability goals. The first application of the product is in collation shrink films, aform of secondary packaging commonly used for bottles, cans, and liquid cartons, and is expectedto be available in the India market later this year.

We are delighted to work with sustainability-focused partners like Lucro, who is at the forefrontof plastic recycling in India. Scrap packaging is one of the countrys highest contributors of plasticwaste and we look forward to this collaboration helping to promote the adoption of sustainablesolutions amongst brand owners and manufacturers, and contribute to a reduction in plasticsentering the environment as waste, said Bambang Candra, Asia Pacific commercial vicepresident, Dow Packaging & Specialty Plastics. Finding value in flexible waste is key for thecircular economy to set new standards for the flexible packaging industry and create a viablecircular system for flexible plastics.

Lucros trademark Plast-E-Cycle process, which converts plastic waste into granules forrecyclable and compostable products, helps to solve a fundamental challenge in India thecomplexity of recycling flexible plastic waste. This specialty made the company the first in Indiato be backed by Circulate Capitals Ocean Fund (CCOF), a Singapore-based investment funddedicated to preventing plastic waste entering the ocean and advancing the circular economy inSouth and Southeast Asia. With Circulate Capitals support, Lucro will further grow and scale itsbusiness and step up post-consumer plastic sourcing with new collection centres.

Circulate Capital invests in and supports pioneering companies across the waste managementand recycling industry. Lucros work is integral to closing the loop on difficult to recycle plasticwaste in India, giving a second life to post-consumer flexible plastic waste. We believe the Dow-Lucro partnership is a great example of how, with catalytic financing, the plastic eco-system canconnect and collaborate on market solutions for the benefit of the environment, said Rob Kaplan,founder and CEO, Circulate Capital.

Lucro was founded on the belief that there is value to be found in mismanaged plastic wastethrough recycling. With intent, effort and collaboration across the entire value chain, we can defineand build a new plastic value chain that ensures the material is reused and does not end up inthe environment, said Ujwal Desai, co-founder and managing director of Lucro. Our partnershipwith Dow provides us additional expertise to develop high quality, innovative and recycled-contentflexible film for businesses.

Under the MoU, Dow will utilize its industry leading team of packaging experts, material scientists,recycling equipment, blown film manufacturing and testing capabilities at Pack Studios Shanghaiand Mumbai to help Lucro develop recycled film. Following the initial application in collation shrinkfilms, the partners will explore additional applications including shipping sacks, e-commerce bagsand non-food packaging.

About DowDow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading businesspositions to achieve profitable growth. The Companys ambition is to become the most innovative, customer centric,inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the worldthrough our materials science expertise and collaboration with our partners. Dows portfolio of plastics, industrialintermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products andsolutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumercare. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dowdelivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and itssubsidiaries. For more information, please visit http://www.dow.com or follow @DowNewsroom on Twitter.

About LucroLucro Plastecycle Private Limited (Lucro) is a homegrown Indian recycling company that harnesses the possibilities ofplastic to produce high quality and innovative recycled-content products. Established in 2012, the company is an expertin recycling locally-sourced flexible plastic waste to manufacture flexible packaging products, such as shrink wrap andfilms, and supplies recycled plastic granules to manufacturers for their own production. By developing a uniqueintegrated process that covers the collection, sorting and upcycling of used flexible plastic, Lucro is committed to closingthe loop in plastic usage by transforming it from a linear to a circular economy and stopping it from reaching landfill.Today, the company is the largest supplier of recycled packaging and protective covers to leading national andinternational manufacturers in India across a range of industries such as automotive, home and retail, to help themachieve their sustainability goals. For more information, please visit http://www.lucro.in.

About Circulate CapitalCirculate Capital is an investment management firm dedicated to incubating and financing companies that preventocean plastic. We focus on the prevention of mismanaged plastic waste in countries located in South Asia andSoutheast Asia, regions that contribute disproportionately to ocean plastic pollution primarily because they often lackinvestment in critical waste and recycling infrastructure to manage the problem. We were created in collaboration withOcean Conservancy, and our founding investors include PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever,The Coca-Cola Company and Chevron Phillips Chemical Company LLC.

Circulate Capital invests in and supports start-ups, organizations and SMEs across the entire plastic value chain, frominnovations in material to advanced recycling technologies. It seeks to mobilize catalytic capital into the wastemanagement and recycling industry to prove that investing in this sector is scalable in South and Southeast Asia andcan generate competitive returns, while moving to solve the ocean plastic crisis.

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Dow and Lucro to Launch PCR Plastics Solution in India - waste360