Solvay Ventures, the Company’s venture capital fund unit, is extending its partnership with Longwater Investment by investing in the Longwater Advanced Materials Fund II, a fund focused on advanced materials and chemistry-related technologies in China, said the company.
This investment will support innovation in new and sustainable chemistries that can be used in key markets such as transportation, electronics and smart devices. It will foster collaboration between Solvay and a growing ecosystem of startups in China, opening the door to innovative partnerships in advanced materials and chemical solutions that will boost Solvay’s offering and support the work of the Group’s four strategic growth platforms.
"We are excited to work with partners in China by leveraging our unique materials know-how and innovation in this dynamic start-up ecosystem,” said Mike Finelli, President of Solvay Growth Initiatives. “Following our announcement in June of a significant production capacity increase for PVDF at our Changshu site in China, this investment further illustrates our commitment to growing our operations in Asia and to meeting the need for sustainable material solutions globally."
"Solvay has been more than a fund investor to Longwater since the inception of our first fund. We are excited about the continuous commitment from Solvay to our Fund II and a strengthening partnership around our activities looking for thrilling innovations in relation to advanced materials and chemistry-related technologies.” said Steven Shi, Managing Partner of Longwater Investment.
Based in Shanghai, Longwater Investment executes and manages its investments with the aim of achieving successful growth and investment return driven by technological innovation, industrial upgrades and the improvement of human well-being.
As per MRC, Solvay has started works related to expansion plans that include installing equipment to increase sulfone polymers capacity at its plant in Marietta, Ohio, according to a mid-May publication by the USW Oil Workers union.
We also remind that in August, 2020, through the acquisition of the Solvay polyamide (PA) business, BASF enhanced its R&D capabilities in Asia Pacific with new technologies, technical expertise, and upgraded material and part testing services. BASF is planning to integrate the R&D centers from Solvay into its R&D existing facilities in Shanghai, China, and Seoul, Korea. The enhanced capabilities will boost BASF’s position as a solution provider to develop advanced material solutions for key industries.
Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 24,100 employees in 64 countries, Solvay bonds people, ideas and elements to reinvent progress. The Group seeks to create sustainable shared value for all, notably through its Solvay One Planet plan crafted around three pillars: protecting the climate, preserving resources and fostering better life. The Group’s innovative solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices, health care applications, water and air purification systems. Founded in 1863, Solvay today ranks among the world’s top three companies for the vast majority of its activities.
mrchub.com