CHEMICAL TECHNOLOGY, CHEMICAL MANAGEMENT
Carbios | January 17, 2023
Carbios, a leading green chemistry firm, and Novozymes, a global leader in biological solutions, have recently announced an exclusive long-term global strategic partnership. This agreement ensures the long-term production and supply of Carbios' patented PET-degrading enzymes on a commercial scale for the first biological PET-recycling plant in the world, which is scheduled to begin production in 2025 in Longlaville, France, as well as Carbios' future licensee customers.
Since 2019, Carbios and Novozymes have partnered to produce enzyme-based solutions and address the sustainability challenge of plastic pollution on the environment, both in PET-recycling and PLA-biodegradation. Building on the present joint development agreement (JDA), under the new contract, the deal will see Carbios and Novozymes extend their collaborative efforts to develop, optimize, and produce enzymes that Novozymes will subsequently deliver to all licensees of Carbios' technology. In addition, the new agreement gives both parties exclusive rights in the partnership's field.
The strategic partnership assists the large-scale industrial deployment of Carbios' patented PET-recycling technology, beginning with its upcoming industrial reference unit in Longlaville, France, which will be the world's first biological PET-recycling plant. While the Building and operating permits have been filed with the local authorities, and construction will commence later this year. The plant's production is scheduled to begin in 2025, with a processing capacity of 50,000 tonnes of waste per year.
About Carbios
Established in 2011, Carbios SA is a green chemistry firm focused on discovering and developing enzymatic bioprocesses applied to plastic and textile polymers. The company develops a new generation of entirely biodegradable plastics with a controllable lifespan, as well as a technique that allows for endless biorecycling of plastic waste (PET) and a new biological pathway for the manufacturing of competitive bio-sourced polymers. By using its unique approach of merging enzymes and polymers, it wants to address changing consumer expectations and the problems of a broad ecological shift by tackling a significant challenge of our time: plastic and textile pollution.
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CHEMICAL TECHNOLOGY, CHEMICAL MANAGEMENT
Permian Resources | January 24, 2023
Permian Resources Corporation has announced a series of portfolio management transactions, including a bolt-on acquisition, the divestiture of non-operated production and land, and the sale of a part of its water infrastructure assets in Reeves County, Texas.
Acquisition Summary
Permian Resources has signed a definitive agreement to purchase 3,300 net royalty acres, 4,000 net leasehold acres, and 1,100 Boe/d (73% oil) of net production, primarily located in Lea County, New Mexico, from an unnamed third party for a total purchase price of $98 million.
This purchase price reflects an acquired value of roughly $8,000 per net leasehold acre and approximately $7,000 per net royalty acre. The operating location of the assets includes primarily undeveloped land and is next to one of the company's current core blocks in Lea County.
Non-Operated Divestitures Summary
Permian Resources also confirmed the divestiture of producing, non-operated assets in Reeves County consisting of roughly 1,800 Boe/d (44% oil) and 3,500 net leasehold acres for $60 million to an unknown third party, showing a valuation multiple of more than 5x 2023 anticipated EBITDA. The divested acreage covers the vast bulk of the company's non-operated position in Texas and includes a negligible residual inventory.
Midstream Infrastructure Transactions Summary The company signed formal agreements with an unnamed third party to sell a portion of its saltwater disposal wells and related produced water infrastructure in Reeves County for $125 million. The total consideration will be paid at closing, with $60 million subject to repayment if specific requirements tied to Permian Resources' future drilling activities in the service region are not satisfied over the next several years.
About Permian Resources
Permian Resources is a prominent independent oil and natural gas firm committed to generating outsized returns for its shareholders via acquiring, optimizing, and developing oil and liquids-rich natural gas properties. Headquartered in Midland, Texas, it is the most prominent pure-play E&P firm in the Delaware Basin. Leveraging its technical knowledge and operational flexibility to create the best and add to its portfolio of high-return, long-life inventory, which allows the firm to offer industry-leading returns to its shareholders. The company is committed to improving its high-quality, diversified asset base, implementing a capital-efficient development program, optimizing a conservative balance sheet and financial policy, and enhancing shareholder returns via a disciplined investment strategy.
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CHEMICAL MANAGEMENT, PRODUCTS AND TECHNOLOGIES
Origin Materials | January 30, 2023
Origin Materials, Inc., the leading global carbon-negative materials firm with a mission to accelerate the global transition to sustainable materials, announced the mechanical completion of Origin 1, the firm's first commercial manufacturing plant, following the previously disclosed schedule.
Critical mechanical systems were successfully installed, and commissioning has commenced as part of mechanical completion. Work will continue on-site, including electrical work, the addition of new equipment, and the refinement of technology.
Following this significant accomplishment, work will continue at the facility, with plant commissioning to support the startup scheduled to be completed by the end of the first quarter of 2023 and the startup commencing soon after. Origin 1 is anticipated to address the increasing customer demand for the company's renewable materials and enable clients to qualify products and applications beyond PET. On its next earnings call, the company aims to release forecasts for sales, EBITDA, and other financial measures for 2023.
About Origin Materials
Origin Materials, headquartered in West Sacramento, is one of the world's foremost carbon-negative materials firms. The mission of Origin is to facilitate the global transition to sustainable resources. The firm has spent more than a decade developing a platform for converting the carbon present in affordable, abundant, non-food biomass such as sustainable wood wastes into valuable commodities while simultaneously absorbing carbon. Its unique technology platform has the potential to change the manufacture of a vast array of end goods, including clothes, textiles, plastics, packaging, auto components, carpets, and toys, with an addressable market of about $1 trillion. Additionally, the company's technological platform is anticipated to deliver consistent pricing substantially decoupled from the petroleum supply chain, which is more volatile than supply networks based on sustainable wood wastes. The patent-protected drop-in core technology, economics, and carbon effect of Origin are backed by an expanding number of worldwide investors and customers.
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