New partnership aims to grow CO2-based polyurethanes market in China
A new partnership looking to grow the "carbon-to-value" market in China has been signed between UK-based carbon-to-value company Econic Technologies and Chinese polyol and polyurethanes producer Changhua Chemical Technology Company.
The multi-year partnership agreement, the companies say, came from their shared ambition to create a Chinese market for products made from carbon, itself part of the global push to reach net-zero and meet increased consumer demand for more sustainable products.
Read more: The future of carbon utilisation: Econic’s deep-tech carbon to value technology
The companies hope that by replacing raw materials used in the production of polyurethane from crude oil with those derived from waste CO2, the market will grow significantly.
Polyurethane is a plastic used in the production of both rigid and flexible foams and is found in a wide range of everyday items such as mattresses, furniture, footwear, car parts, refrigerators, building insulation, and adhesives.
The agreement involves both companies working together to develop CO2-based polyurethane products that are made in China and sold both domestically and internationally. It will also see the construction of a dedicated manufacturing facility for these types of products.
In a press release, the companies said the partnership was part of a shared ambition to make "a serious contribution to carbon reduction and to drive the sustainable advancement of the polyurethane market".
The announcement comes following Econic's receipt of a BEIS funding award from the UK government. The company was also a sustainability winner at Future22 by Europe's largest investor community, Tech Tour.
Dr Gu, Chairman of Changhua Chemical Technology, said: "In line with my company's mission to grow and be recognised 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".
Read more: Danone & LanzaTech to turn captured carbon into plastic bottles
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".
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