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O-I Glass, Inc. OI announced that it collaborated with Linde plc LIN to install its proprietary OPTIMELTTM Thermochemical Regenerator (TCR) technology at OI’s container glass plant in Holzminden, Germany. This move will help O-I Glass in improving efficiency and reducing emissions.
Details of OI-LIN Collaboration
Linde has been providing technologies to glass manufacturers to boost energy efficiency for more than three decades. The company's patented OPTIMELTTM TCR technology, adopted globally by glass producers, harnesses waste heat from furnace flue gas to preheat and reform natural gas.
The technology reduces fuel consumption in the melting process by approximately 30%. OPTIMELTTM TCR is adaptable to various fuels, including low-carbon hydrogen and hydrogen-natural gas blends.
Building on their existing partnership, wherein LIN has been supplying oxygen to OI, the companies are now broadening their collaboration. Linde will provide innovative, cost-effective solutions to support O-I Glass in its efforts to reduce carbon emissions and achieve a more sustainable future.
Under the collaboration, LIN will also install an advanced Centrifugal VITRON Vacuum Pressure Swing Adsorption plant at O-I Glass’ Holzminden plant to produce oxygen for the furnace. This will improve power efficiency, reduce noise emissions and lower the environmental footprint for O-I Glass.
O-I Glass’ Benefits From the Partnership
The collaboration with Linde is anticipated to decrease fuel consumption substantially and Scope 1 carbon dioxide emissions for OI. By partnering with innovators like Linde and leveraging its cutting-edge technologies, OI can achieve significant improvements in energy efficiency and reductions in fuel consumption.
This initiative will not only support O-I Glass' objectives but also contribute to customers' decarbonization efforts.
OI’s Q4 Performance
O-I Glass reported a fourth-quarter 2024 adjusted loss per share of 5 cents, which beat the Zacks Consensus Estimate of a loss of 11 cents. The company posted earnings of 12 cents in the year-ago quarter. The downside was led by significant production curtailment due to sluggish demand.
Revenues were $1.53 billion for the quarter under review, down 6.8% from the year-ago quarter due to lower average selling prices and unfavorable foreign currency translation. The top line missed the Zacks Consensus Estimate of $1.61 billion. Sales volume (in tons) was flat year over year.
O-I Glass Stock’s Price Performance
Shares of the company have lost 23.6% over the past year compared with the industry’s fall of 21.8%.