Macclesfield, England, UK – November 12, 2024
Econic Technologies, a CM Venture portfolio company focused on renewable carbon for functional materials, has signed a Memorandum of Understanding (MOU) with PTT Global Chemical Public Company Limited (GC) and allnex. GC is Thailand’s largest integrated petrochemical and refining business and a leading corporation in the Asia-Pacific region. Based in Germany, allnex is a leading manufacturer of industrial coating resins and additives. The MOU will explore business and research collaboration opportunities to advance polymer systems and processes for coatings based on captured carbon.
By integrating Econic’s technologies, GC and allnex aim to reduce the environmental footprint of their businesses and promote the development of eco-friendly polymer products. Econic’s technologies can reduce the carbon footprint of some products by 30 percent or more. The technologies also have the potential to improve the performance of coatings by enhancing durability, corrosion resistance, and aesthetic properties.
“This MOU with GC and allnex is a pivotal step in our mission to create sustainable and high-performance polymer solutions. By combining our renewable carbon technology with their extensive expertise in coatings, we are poised to drive significant advancements in polymer science that align with global sustainability goals,” said Keith Wiggins, CEO of Econic.
“GC is committed to fostering sustainability and innovation in our business portfolio,” said Dr. Kamel Ramdani, Executive Vice President – Innovation, GC. “We look forward to working with Econic to develop advanced, eco-friendly systems to serve our customers and GC’s sustainability goals. It is part of GC’s strategy to invest in startups and leverage emerging technologies to achieve our corporate ambitions. Through our corporate venture capital (CVC) arm, GC can offer expertise, experience, and business connections to support successful go-to-market.”
“We are excited to partner with Econic to explore cutting-edge technologies that support our commitment to sustainability,” said Dr. Benoit DeBecker, Senior VP Corporate Development & Innovation, allnex. “This MOU will enable us to develop innovative solutions that not only meet the evolving needs of our customers but also contribute to a more sustainable future.”
About Econic Technologies
Econic Technologies is a UK-based deep tech company focused on renewable carbon. Its innovative catalyst and process technology allows manufacturers to produce polymers based on CO2 instead of petrochemicals. The use of CO2 enhances sustainability while creating more cost-effective, higher-performing end products. Econic licenses its technology to polyols and surfactants manufacturers that supply some of the world’s most iconic consumer brands. Econic was founded in 2011 by Dr. Charlotte Williams at Imperial College London. The company is part of Cleantech Group’s Global Cleantech 100. Its global headquarters are in Alderley Park, UK just outside of Manchester.
About PTT Global Chemical Public Company Limited
PTT Global Chemical Public Company Limited, or GC, is Thailand’s largest integrated petrochemical and refining business and a leading corporation in the Asia-Pacific region, both in size and product variety – from petrochemical, to biochemical as the world’s number one bioplastics producer with over 34 subsidiaries and joint ventures with manufacturing plants and distributors in 29 countries globally with a large scale of operation, GC thrives through lean and process improvement for maximum efficiency. www.pttgcgroup.com
About allnex
allnex is the world’s leading manufacturer of industrial coating resins and additives for architectural, industrial, protective, automotive and specialty coatings and inks. allnex is recognized as a pioneer in specialty chemistry, offering an extensive product range that includes innovative liquid resins and additives, radiation-curing and powder coating resins and additives, and crosslinkers for use on wood, metal, plastic and other surfaces. Today, allnex has a strong global presence with 4,000 employees worldwide, 33 production sites and 23 research and technology centers. www.allnex.com
