Econic Technologies is scaling its pioneering deep-tech carbon-to-value technology with partnership in the industry’s most important market.
Econic Technologies, the deep-tech carbon-to-value pioneer, has today announced a ground-breaking partnership with leading independent Chinese polyol and polyurethanes company Changhua Chemical Technology Company Ltd, part of Jiangsu Changshun Group. The partnership was marked in a ceremonial signing on 8th June attended by the Mayor of Jiangsu province, where Changhua is based.
This multi-year partnership is born from both companies’ shared values – namely, the creation of a market for CO2 products, in line with the global drive to achieve net zero and to meet increasing consumer demand for more sustainable products. By replacing oil raw materials with waste CO2 in essential polyurethane products, both companies will sustainably grow the market. The collaboration is an important step in the emerging carbon-to-value sector.
The agreement involves both parties collaborating to develop CO2 based polyurethane products to be manufactured in China and sold under license in China and world-wide. It will involve Changhua building the first dedicated production plants for these products, to serve the growing demand for sustainable products. Both companies are aligned to make a serious contribution to carbon reduction and to drive the sustainable advancement of the polyurethane market.
Dr Gu, Chairman of Changhua Chemical Technology, commented: “In line with my company’s mission to grow and be recognized as the most innovative and sustainable polyurethane producer in the world, we identified Econic’s technology as being best-in-class for incorporating CO2 into polyurethanes. This long-term agreement demonstrates Changhua’s leadership and ambition in the sector.”
Keith Wiggins, CEO of Econic Technologies, commented: “We are honoured to be partnered with Changhua, China’s leading innovator of polyurethanes. Working with Changhua to this point has reinforced our shared values, and we are excited to build with them a sustainable future that creates value from CO2 to make essential polyurethane products better.”
The partnership with Changhua follows Econic’s recent announcement of the first round of a multimillion-pound capital raise, and receipt of a UK Government, BEIS funding award.