Aker BioMarine launches new circular economy company with Cognite as technology partner

In collaboration with Cognite, Aker BioMarine's newly launched AION (Greek for ‘eternity’), introduces CaaS, Circularity as a Service, offering a plug and play software solution ensuring traceability, resource optimization and monitoring of the most central data points for circular product management. Snøhetta will assist AION on future solutions and circularity product design through joint projects.

The company stems from circular initiatives in Aker BioMarine that were focused on plastic waste and production residues. Aker BioMarine plans to scale AION in three stages. First, Aker BioMarine’s own plastic streams and biological residue will be recycled to new products, driving the company towards its zero-waste vision. Second, AION will work with companies in Aker BioMarine’s network to receive their plastic waste streams. And finally, AION’s ambition is to expand and scale to become an international leader in the evolving circularity space.

Large potential market

260 million tons of plastic waste is generated annually worldwide. EU has set a target of 55% recycling of plastic packaging waste within 2030. According to McKinsey, only 16% of plastic packaging waste is recycled today, but additional regulatory tightening is expected. During 2021, the technical specifications of the EU Taxonomy objective on circular economy will be defined. This is likely to create a pull in the market for recycled products. In order to reach the target of 55% recycling rate in 2030, McKinsey predicts a market size potential of USD 60 billion. In this context, Aker BioMarine sees large opportunities for AION.