Specialty chemicals group AECI has invested $5-million in California-based startup Origin Materials to support the development of renewable technologies.
Origin Technologies has pioneered the development of bio-based chemicals, which can be processed into many products for application in global markets worth over $200-billion.
“The partnership with Origin fits into our core values, which include going green and taking bottles from a petroleum-based polymer to a 100% green bio-based polymer,” AECI CEO Mark Dytor said in a statement.
He added that AECI would assist Origin and its alliance partners in developing and industrialising the process for producing at least 95% bio-based polyethylene terepthalate plastic bottles at commercial scale as early as 2020.
“By working in alliance with both customers and industrial partners, we can achieve more in less time,” Origin Materials CEO John Bissell added.
The partnership is in line with AECI’s growth strategy, in terms of which it has been investigating the possibility of acquiring green technologies that complement its existing specialty chemicals portfolio.
AECI will release its interim financial results on July 26.