Jiangsu Hengze Composite Materials Technology Co., Ltd., a wholly-owned subsidiary of Youcai Environmental Protection, has been granted a special subsidy for energy conservation and carbon reduction by the Jiangsu Provincial Development and Reform Commission. It has been reported that Hengze Technology’s technical renovation project, aimed at producing 80,000 tons of functional composite special fibers annually, has successfully obtained investment subsidies from the central budget. The subsidy funds will be disbursed in two installments, with the initial subsidy amounting to 25 million yuan.
This project is focused on the recycling of waste plastics, utilizing cutting-edge technology for efficient regeneration of waste polyester and fiber preparation. Upon completion, the project is expected to recycle 22,000 tons of waste polyester annually, produce 80,000 tons of functional composite special fibers per year, and achieve an annual carbon reduction equivalent of 14,100 tons. This initiative holds significant importance for environmental protection efforts.
According to the Color Masterbatch Industry Network, the National Development and Reform Commission clarified in April of this year the availability of special funds to support energy conservation and carbon reduction projects. Relevant policies stipulate that individual projects can receive subsidies up to 100 million yuan. Hengze Technology’s receipt of this subsidy undoubtedly signifies a high level of recognition for its waste plastic recycling technology.
As a leading enterprise in the circular economy, Youcai Environmental Protection has consistently dedicated itself to the recycling and regeneration of textile and related resources. Its developed technology for preparing recycled polyester fibers has reached the international advanced level, and the company has taken the lead in formulating multiple related standards. Once Hengze Technology’s project reaches full production capacity, it is expected to generate considerable annual sales revenue and total profit for the company, further advancing its development in the fields of environmental protection and renewable resources.