Aether Industries signs licensing agreement with Saudi Aramco Technologies
On Friday, specialty and fine chemical manufacturer Aether Industries said it signed a licence agreement with Saudi Aramco Technologies Company to commercialize the sustainable converge polyols technology.
"We are pleased to have been chosen to commercialize the converge polyols after working collaboratively for several years on the development of the manufacturing technology for the converge platform," Aether Industries promoter and director Aman Desai said in a statement. The converged platform is a cutting-edge technology for producing more sustainable polyols with up to 40 per cent carbon dioxide by weight.
"This is a distinct series of polyols with promising applications in the field of CASE (coatings, adhesives, sealants and elastomers). These novel polyols have significant commercialisation and revenue potential. In addition, the CASE polyol market size is more than 10,000 KTA, representing these novel polyols' commercialisation and revenue potential. They are targeted for 850 KTA (850,000 MT per year) with a CAGR of 5 per cent," Desai added.
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This agreement marks the beginning of Aether's activities towards manufacturing and commercialising converge polyols technologies. "The converge platform has the potential to reduce carbon footprint compared to industry standard polyols, and this license agreement intends to build on previous collaborative work to find performance-enhancing and sustainable alternatives in the CASE industry," Saudi Aramco Technologies Company chief executive officer Abdullah S Dhuwaihi added.
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