Innventure (INV) and Dow (DOW) said Wednesday they have partnered to create new technologies that can turn mixed and hard-to-recycle waste into useful petrochemical products.

Innventure has established its Refinity unit to work closely with Dow in expanding and selling these waste-to-value technologies, the companies said.

The technologies will be used to convert various wastes, including difficult plastics, into sustainable chemicals that can replace those made from fossil fuels, they added.

Dow will provide technical support and help choose locations for new plants, and both companies may also work together in the future to improve how waste plastics are collected and processed, according to the companies.

Innventure's shares were up nearly 2%, while Dow's stock was up about 1.3% in recent trading.

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