Neste and Mitsubishi Corporation Form Strategic Partnership for Renewable Chemicals and Plastics Supply Chains

Neste Corporation and Mitsubishi Corporation (MC) have announced a strategic collaboration to develop value chains for renewable chemicals and plastics. This initiative focuses on supporting Japanese brands across various industries, including food and beverage, apparel, and consumer electronics, to reduce greenhouse gas (GHG) emissions and reliance on fossil resources.

Neste's Role:

• Neste will leverage its expertise in sustainability and renewable materials.
• It will supply renewable Neste RE™, a bio-based raw material for plastics production.

Carrie Song, Senior Vice President, Commercial at Neste Renewable Products, stated:

"Through this partnership, we will be able to provide sustainability-minded companies in Japan with a full package to reduce their plastics-related GHG emissions. Together, we can provide the materials and the know-how. Together, we can also get the materials into the value chains, making it easier for companies to make the switch to more sustainable solutions."

Mitsubishi Corporation's Role:

• MC will utilize its extensive experience in business development and supply chain management.
• The company will offer its well-established networks and strategic investments in the petrochemical sector.

Yoshiyuki Watanabe, Division COO, Business Development Div. at Mitsubishi Corporation, added:

"Our strength lies in our capability to establish supply chains and access a wide variety of brand owners in Japan. We have cultivated this strength over many years through traditional trading and strategic investments in collaboration with trusted partners. Recognizing that these achievements cannot be made alone, we are eager to strengthen our relationship with Neste. We are thrilled to expand our network to include partners who share similar values, thereby generating economic, societal, and environmental benefits to meet the needs of society."

Neste and MC have previously collaborated on several projects:

• Renewable PET Bottles: Partnered with Suntory Holdings Limited to produce renewable PET bottles.
• Bio-based Apparel: Collaborated with Goldwin Inc. to create apparel from bio-based materials.

Moving forward, Neste and MC are committed to accelerating the transition from fossil to renewable plastics. This partnership aims to contribute to the early realization of a defossilized society in the materials sector, providing Japanese brands with sustainable solutions that align with their environmental goals.

• Sustainable Materials: Access to bio-based raw materials like Neste RE™.
• GHG Emissions Reduction: Comprehensive solutions to lower plastics-related GHG emissions.
• Enhanced Supply Chains: Improved supply chain management and business development.

The strategic partnership between Neste and Mitsubishi Corporation marks a significant step towards creating sustainable supply chains for renewable chemicals and plastics. By combining their strengths and expertise, both companies are poised to support Japanese brands in their journey towards sustainability, fostering a greener future for the materials sector.