Shell Chemicals to produce polycarbonate

Hydrocarbon Engineering | January 13, 2020

Shell has recently announced it has signed a Memorandum of Understanding with CNOOC Oil & Petrochemicals Co. Ltd to explore its first commercial-scale polycarbonate (PC) production unit, which would be located at the CNOOC and Shell Petrochemical Co. (CSPC) joint-venture chemicals complex in Huizhou, China. As an interim step, Shell has started constructing a PC development unit at its Jurong Island chemicals plant in Singapore. An expanded and differentiated product range is a key part of Shell’s growth strategy for its chemicals business. PC is a transparent and impact-resistant engineering polymer, and is used to make vehicle headlights, LED spotlights, UV-blocking windows and spectacles.

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CHEMICAL MANAGEMENT

Novoloop Extends Series A Round To $21M

Novoloop | June 03, 2022

Advanced upcycling startup Novoloop expands its Series A to $21 million through an oversubscribed extension led by Mistletoe Singapore and Hanwha Solutions. This nearly doubles the company's raise of $11 million announced in February, which sparked additional investor interest. "This round brings together mission-driven financial investors and industry strategics who believe in our vision of a circular economy for plastics. We're thrilled to make that vision a reality by leveraging their access to resources and markets around the world." CEO Miranda Wang The round's investors are decarbonizing energy, textiles, construction, and other industries across Europe, Asia, and the US. Valo Ventures' anchor LP Fortum is a hundred-year-old, publicly-listed clean energy and resource efficiency solution provider headquartered in Finland; SOSV is the world's leader in climate tech investing; Drive Catalyst is the corporate venture arm of the Far Eastern Group, a global player in the polyester and textile industries and PET recycling headquartered in Taiwan; and Alante Capital and S CAP are climate investors focused on deep tech. "Leading this round was obvious," said Taizo Son, founder of Mistletoe. "After seeing Novoloop emerge from R&D with a product that solves real world problems, Mistletoe is a firm believer in the financial and environmental impact the company will create. We're already looking at ways to amplify this impact in places that really need it like Asian countries where the economy is fast-growing and the waste problem is serious." Novoloop uses its proprietary ATOD™ technology to make high-performance chemicals and materials from polyethylene, which is the most commonly used yet least recycled plastic. Their first product, Oistre™ (pronounced OYST-rah), is the world's only thermoplastic polyurethane (TPU) made from post-consumer waste that matches the performance of TPUs derived from petrochemicals. With a carbon footprint up to 46% smaller than conventional TPUs, Oistre won the Plastics Industry Association's 2022 People's Choice award for Sustainable Plastic Innovation. It also put Novoloop in the World Economic Forum's 100 most promising Technology Pioneers of 2022. "Hanwha has done an extensive assessment of the advanced plastic recycling landscape. Novoloop's technology is solid and unique," said Hanwha Solutions' spokesman. "We look forward to collaborating with Novoloop on upcycling carbon content in waste for the circular economy." Novoloop will use the capital to begin developing industrial capabilities. Key initiatives include scaling up pilot production to make Oistre more readily available for customers in footwear, apparel, sporting goods, automotive, and electronics. It will also set up a feedstock pretreatment unit to assess the quality of post-consumer plastic waste from material recovery sources. Other Series A investors announced earlier this year include Envisioning Partners, Bemis Associates, and TIME Ventures. About Novoloop Novoloop was founded in 2015 to deliver quality chemicals and materials made from plastic waste through ATOD™, their patented, low-carbon upcycling technology. By transforming hard-to-recycle plastic waste into virgin-quality materials, Novoloop offers superior sustainability and performance at competitive pricing. With their upcycled product Oistre™, Novoloop provides thermoplastic polyurethane solutions for footwear, sporting goods, automotive and more. To learn more, visit novoloop.com and oistre.com. About Hanwha Solutions Hanwha Solutions aims to deliver sustainable solutions for the planet through smart energy solutions and customer-focused materials. The Company operates its business through five divisions: Qcells, Chemical, Advanced Materials, Galleria and City Development. The Qcells Division offers total energy solutions from photovoltaic module manufacturing, power plant operation to electricity retailing service. The Chemical Division, the first in Korea to produce polyvinyl chloride (PVC), manufactures various chemical products and eco-friendly plasticizers. The Advanced Materials Division produces high-tech materials for automotive, photovoltaic and electronic devices. The Galleria Division, an operator of premium department store chain, provides premium fashion and food services. The City Development Division is a leading real estate developer specializing in industrial complexes. With its innovative technologies for sustainable growth, Hanwha Solutions strives to become a global leader in bringing a better future for humanity. About Mistletoe Founded by Taizo Son, Mistletoe is a Collective Impact Community based in Japan and Singapore with a mission to create a sustainable human-centered future using deep technologies. Their international community comprises more than 400 entrepreneurs, investors, researchers, and visionaries who are at the forefront of the global startup movement. They are building an environment for various talents to come together and discover solutions to societal challenges that are impossible for single companies to solve alone.

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CHEMICAL MANAGEMENT

Chemours Suspends Business with Russian Entities

Chemours Company | March 11, 2022

The Chemours Company a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions, today announced it has suspended business with Russian entities in response to the ongoing military conflict and humanitarian crisis. “Chemours condemns the senseless violence taking place and views continuing business as inconsistent with our company values. As always, we will work to meet the needs of our global customers throughout this process, however, we believe suspending business with Russian entities is the right thing to do. We will continue to monitor the situation closely and reassess in the future.” Mark Newman, President and CEO for Chemours Chemours also announced a $100,000 donation to the International Committee of the Red Cross to support humanitarian efforts in the region. “Every day we encourage our people to operate with the courage to make a difference. Over the past two weeks the people of the Ukraine have embodied such courage and perseverance. Now, we want to do our part and help make a difference by supporting those in need,” said Newman. Chemours has a small office in Moscow and is working closely with employees to ensure their safety. About The Chemours Company The Chemours Company is a global leader in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration, and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.

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CHEMICAL MANAGEMENT

PEAK ROCK CAPITAL AFFILIATE COMPLETES ACQUISITION OF XENON ARC

Peak Rock Capital | December 22, 2021

An affiliate of Peak Rock Capital ("Peak Rock"), a leading middle-market private investment firm, announced today that it has completed an acquisition of Xenon arc Inc. in partnership with the management team of the Company. Xenon arc is a leading technology-enabled provider of managed services to food & beverage, industrial, and chemical producer clients. The Company manages its clients' long tails of thousands of SMB customers collectively through its service offering including technical sales, support, technology and distribution services. Headquartered in Bellevue, Washington, with operations across the United States, Europe and South America, the Company has built a strong reputation in the industry for exceptional service, technical capabilities and driving clients' revenue growth. "Xenon arc represents a unique opportunity to invest in a technology-enabled services platform with a strong leadership position in managed services to materials producers. We are impressed with the Company's track record of growth and look forward to partnering with the Company to accelerate the execution of its business plan, which includes strategic growth investments that would expand Xenon arc's service capabilities, technology offerings and geographic coverage." Steve Martinez, President and Managing Director of Peak Rock Paul Warburg, President and CEO of Xenon arc, commented, "We are excited to partner with Peak Rock as we embark on our next phase of growth. Peak Rock has a deep understanding of our business, and a compelling track record of supporting companies and management teams in driving innovation and building leading platforms. We look forward to our partnership, which will position the Company to accelerate its rapid growth by expanding its service capabilities, geographic footprint, and empower Xenon arc to continue to invest in its technology and leading talent." "This transaction exemplifies Peak Rock's commitment to invest in high growth technology-enabled services businesses. We continue to seek tech-enabled platforms that we believe can benefit from our ability to drive transformational growth through organic initiatives and strategic acquisitions," added Anthony DiSimone, Chief Executive Officer of Peak Rock. ABOUT XENON ARC Xenon arc is a leading technology-enabled services provider of technical sales, support, technology and distribution solutions to clients and their SMB customers across the food & beverage, industrial, and chemical industries. Xenon arc's direct-to-market solutions provide end-customers with direct contact with a customized extension of clients' sales, marketing, and technical capabilities. The Company was founded in 2010 and is headquartered in Bellevue, Washington. Xenon arc also serves South America and Europe through its teams in Brazil, Mexico and the Netherlands. ABOUT PEAK ROCK CAPITAL Peak Rock Capital is a leading middle-market private investment firm that makes equity and debt investments in companies in North America and Europe. Peak Rock's equity investment platform focuses on opportunities where it can support senior management to drive rapid growth and performance improvement, with expertise in corporate carve-outs and partnering with families and founders seeking first-time institutional capital. Peak Rock's credit platform invests across capital structures, with a broad mandate to provide flexible, tailored capital solutions to middle-market and growth-oriented businesses. Peak Rock's real estate platform makes equity and debt investments in small to mid-sized real estate assets in attractive, growing geographies.

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CHEMICAL TECHNOLOGY

Eastman to invest up to $1 billion to accelerate circular economy through building world's largest molecular plastics recycling facility in France

Eastman | January 17, 2022

This morning, French President Emmanuel Macron and Eastman Board Chair and CEO Mark Costa will jointly announce Eastman's plan to invest up to $1 billion in a material-to-material molecular recycling facility in France. This facility would use Eastman's polyester renewal technology to recycle up to 160,000 metric tonnes annually of hard-to-recycle plastic waste that is currently being incinerated. The investment would recycle enough plastic waste annually to fill Stade de France national football stadium 2.5 times, while also creating virgin-quality material with a significantly lower carbon footprint. Eastman is the largest investor at this year's "Choose France" event, which is focused on attracting foreign investment to France. This multi-phase project includes units that would prepare mixed plastic waste for processing, a methanolysis unit to depolymerize the waste, and polymer lines to create a variety of first-quality materials for specialty, packaging, and textile applications. Eastman also plans to establish an innovation center for molecular recycling that would enable France to sustain a leadership role in the circular economy. This innovation center would advance alternative recycling methods and applications to curb plastic waste incineration and leave fossil feedstock in the ground. The plant and innovation center would be expected to be operational by 2025, creating employment for approximately 350 people and leading to an additional 1,500 indirect jobs in recycling, energy and infrastructure. A circular economy is key to addressing the global plastic waste crisis and the climate crisis, which have both been at the center of attention in France and throughout Europe. This long-term partnership between France and Eastman will contribute to the EU achieving its sustainability goals, by reducing carbon emissions and enabling a circular economy. France has demonstrated tremendous leadership by recognizing the vital role of molecular recycling and supporting investments in innovation. Eastman's project has also garnered support from an impressive roster of global brands who share its commitment to solving the world's plastic waste problem and view molecular recycling as a pivotal tool for achieving circularity. LVMH Beauty, The Estée Lauder Companies, Clarins, Procter & Gamble, L'Oréal and Danone are leading the way by signing letters of intent for multiyear supply agreements from this facility. Eastman's proven polyester renewal technology provides true circularity for hard-to-recycle plastic waste that remains in a linear economy today. This material is typically incinerated because it either cannot be mechanically recycled or must be downcycled with existing technology. This hard-to-recycle waste is broken down into its molecular building blocks and then reassembled to become first-quality material without any compromise in performance. Eastman's polyester renewal technology enables the potentially infinite value of materials by keeping them in production, lifecycle after lifecycle. With the technology's inherent efficiencies and the renewable energy sources available in France, materials can be produced with greenhouse gas emissions up to 80% less than traditional methods. "Accelerating the transition to a circular economy is one of the main challenges in the years to come. Eastman's substantial investment in France demonstrates our country's willingness to embrace innovative technologies that will help us achieve our ecological and economic ambitions, by revolutionizing our country's plastics recycling capacities. France has always been at the forefront of this journey, and together with Eastman, is giving itself the means to achieve its ambitious plastics recycling targets set for 2025. We are very excited to welcome a company that has a 100-year history of innovation at a global scale and more than 30 years of molecular recycling experience." Barbara Pompili, French Minister for Ecological Transition Agnès Pannier-Runacher, French Delegate Minister for Industry stated, "Eastman's world-scale project will allow France to position itself as a European leader in new technologies for recycling and recovering plastic waste. This investment is the result of the ambitious approach to industrial reconquest led by the Government since 2017, which has enabled France to become the most attractive country in Europe from 2018 onward for industrial projects. With this project, which is an important step for our sovereignty, we are giving ourselves the means to achieve our ambitions in terms of ecological transition while creating sustainable jobs in manufacturing, infrastructure and energy. We look forward to developing this relationship with Eastman." "The investment in France is a significant step forward in Eastman's strategy to accelerate a circular economy globally. Eastman is proud to partner with the French government to actively contribute to France's and the EU's bold commitments," Costa said. "France has demonstrated their commitment toward a sustainable future and Eastman has set similar, ambitious carbon and circular economy goals. The announcement today has been made possible thanks to the support of President Macron, the French government and its agency Business France, who have worked with impressive urgency to enable and incentivize this large and complex project. We look forward to working together for the long term and offer necessary innovations to recycle plastic waste and protect our planet for future generations. "The plan to build the world's largest plastics recycling facility in France is an important part of our overall circular economy strategy," Costa added. "Today's announcement is a key milestone towards our commitment, and we expect to achieve additional milestones in the coming months, including agreements related to securing the plastic waste that will be raw material supply, securing government incentives, and the site location decision." About Eastman Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability.

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