Plastic Hearts, Hydrogen Hopes: And the Spin Cycle Keeps Turning

Companies Mentioned: Sealed Air, Amcor, Republic Services, Origin Materials, PureCycle, Dow, Eastman, LyondellBasell, Glencore, Li-Cycle, WM, Thyssenkrupp Nucera, ITM Power, Plug Power, Hydropulse, MorGen Energy, Fertiglobe, Orsted, Gevo, Green Plains, Aemetis, Bloom Energy, Nel, Ballard Power Systems, Amazon Web Services, Oracle
Commodities Mentioned: Post-Consumer Recycled Content, PE, PP, PET, PP, Hydrogen, Ammonia, Methanol, Wind Power, Lithium, Cobalt, Nickel, Black Mass, Carbon, Ethanol, RNG, SAF, Biodiesel, Corn Oil, CO₂

1st Topic of the Week: Despite lingering public pledges, 2Q25 delivered no major PCR target updates, let alone upgrades, as ambitions have visibly faded with most plastics industry segments under fundamental pressure.
2nd Topic of the Week: In 2025, green hydrogen’s rare winners are defined not by electrolyser breakthroughs, but by execution speed, policy alignment, and capital discipline amid fractured global trade and regulation.
Otherwise – We provide examples of 2025’s energy transition pivoting toward integration, execution, and reliability as capital, policy, and supply chains redefine where momentum and investment capital are flowing.

Exhibit 1: Post-consumer recycled (PCR) content targets face stiffening challenges amid a challenged resin market.