LOLC Advanced Tech and Corsair Group join to transform waste into fuel

Officials at the partnership signature ceromony (from left): Karet Nilsa-nga, Group CFO - Corsair Group International, Jussi Saloranta, Chairman - Corsair Group International, Danesh Abeyrathne, Chief Executive Officer - LOLC Advanced Technologies Pvt Ltd and Mangala Wijesinghe, Chairmen - Export Development Board. 

LOLC Advanced Technologies (LOLC AT), a fully owned subsidiary of LOLC Holdings PLC, together with Corsair Group International headquartered in Amsterdam, has announced a landmark partnership to upgrade and expand LOLC AT’s existing waste-to-fuel plant at Kerawalapitiya. 

This strategic initiative aims to address Sri Lanka’s growing plastic and polythene waste challenge.

With Sri Lanka generating an estimated 7,000 metric tons of solid waste per day, equating to roughly 2.56 million metric tons per year, a significant portion of which consists of polythene and plastic. Plastic pollution has become one of the nation’s most pressing environmental concerns, with much of this waste ends up in overflowing landfills, waterways, and oceans, posing serious threats to ecosystems, public health, and tourism.

The newly formed partnership with Corsair Group International will build upon this foundation, introducing cutting-edge enhancements to increase processing capacity and improve efficiency. Through proprietary technology developed in-house by Corsair together with its technology partners, the project will focus on producing high-quality, ISCC PLUS-certified Pyrolysis Oil contributing to a fully circular economy where waste is transformed into resources that can be reintegrated into the economy in a sustainable and scalable way.

The expanded facility will be able to handle larger volumes of plastic waste and process a broader range of material types, transforming them into high-quality pyrolysis oil that serves as a raw material for petrochemical companies to produce new plastics positioning the facility as a key contributor to the circular plastics value chain. In doing so, it will not only address a critical environmental challenge but also create green jobs, stimulate innovation, and position Sri Lanka as a regional leader in sustainable waste management solutions.

Designed with cutting-edge technology, the new facility will have the capacity to process 12 million kilograms of plastic waste annually, converting it into high-quality Pyrolysis Oil. 

Construction of the facility is scheduled to commence in 2025, with completion expected within approximately two years. Under the partnership, Corsair Group will bring in its technical expertise and global experience in plastic waste recycling, while LOLC AT will leverage its operational capabilities and commitment to developing projects that deliver lasting socio-economic and financial benefits to Sri Lanka.

Sharing his thoughts on the new partnership, Danesh Abeyrathna, Director/ CEO of LOLC Advanced Technologies said, “This partnership marks a significant milestone in our commitment to delivering sustainable solutions to some of the most pressing environmental challenges facing Sri Lanka today. By leveraging our operational expertise alongside Corsair’s proven waste-to-fuel technology, we aim to not only enhance the efficiency and capacity of our existing facility but also create a tangible, positive impact on the country’s plastic and polythene waste problem.” 

Jussi Saloranta, CEO of Corsair Group International, added, “This facility in Colombo represents the first of several planned joint initiatives, and we are fully committed to investing in Sri Lanka’s sustainable development. Together, we aim to tackle the plastic waste challenge while building a cleaner, greener future for communities across the country.”