Neste (Helsinki, Finland) has signed a €500-million ($535 million) green term loan agreement. The proceeds of the loan will be used to finance eligible assets and projects in accordance with Neste’s green finance framework. The loan has a tenor of three years with two one-year extension options. Danske Bank A/S and OP Corporate Bank acted as coordinating mandated lead arrangers and bookrunners of the loan.
Neste established the green finance framework in 2021 to further integrate the company’s sustainability ambitions into its financing. Neste says that the framework is designed to support financing of investments into the development, operations, maintenance, and expansion of its “renewable and circular solutions to mitigate climate change globally by reducing greenhouse gas emissions.”
Neste in April this year completed an agreement process with the European Commission related to a recent decision by the EU Innovation Fund to grant €88 million to Neste for a proposed clean hydrogen project at the company’s Porvoo oil refinery in Finland.
By Kartik Kohli
BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.
Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.
Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.