11:59 AM EDT, 03/25/2024 (MT Newswires) -- Eastman Chemical ( EMN ) said Monday has been chosen by the US Department of Energy to begin award negotiations for up to $375 million in government funds, which it said it will used toward building a second molecular recycling facility at its Longview, Texas site.

"The plant will remove significant waste from the region, enable true circularity and set a new benchmark for decarbonization," said Eastman Chemical ( EMN ) Chief Executive Mark Costa. "We have decades of history successfully operating in Longview, and this will be a great investment for the local community."

The Energy Department said earlier Monday that it is making available up to $6 billion in funding under the Bipartisan Infrastructure Law and Inflation Reduction Act to 33 projects in more than 20 states that said it will decarbonize energy-intensive industries and cut industrial greenhouse gas emissions.

Eastman Chemical ( EMN ) shares were more than 3% higher in recent trading.

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