MOSCOW (MRC) -- Solvay, a leading science and materials company whose technologies bring benefits to many aspects of daily life, today announced a strategic collaboration with Ginkgo Bioworks, which is building the leading platform for cell programming and biosecurity, said the company.
Through this multi-year strategic collaboration agreement, Solvay will join forces with Ginkgo to unlock the power of synthetic biology as an enabler of more sustainable chemicals and materials, contributing to the transition towards more environmentally-friendly solutions. This alliance will start by focusing on new sustainable biopolymers, specialties which could tangibly impact a breadth of markets, from home and personal care to agriculture and food.
As part of this partnership, Solvay will also acquire a Ginkgo (formerly Zymergen) laboratory in Cambridge, Massachusetts. This acquisition will expand Solvay’s R&I footprint in the US, provide access to new talents, and establish a sustainable growth base in synthetic biology in one the most important biotech hubs in the world, accelerating the company’s biotech development plan.
With this strategic collaboration and expansion, Solvay will integrate deep competencies in bioinformatics / data science, strain engineering, biocatalysis and fermentation processes, strengthening and accelerating the ability to scout, develop and turn into businesses the most valuable biotech-enabled opportunities.
This partnership is designed to strengthen Solvay’s position in biotechnology as part of the Renewable Materials and Biotechnology growth platform which aims to meet growing demand for sustainable solutions by increasing the share of renewable carbon in Solvay’s product offering and developing new business opportunities enabled by biotechnology. This growth platform complements the company’s activities in three other key areas: battery materials, green hydrogen and thermoplastic composites.
We remind, Solvay announces the completion of the sale of its 50% stake in the RusVinyl joint venture to its joint venture partner Sibur. At the time of closing, Solvay received €433 million in cash proceeds in Belgium which will be reported in the first quarter as cash flow from investing activities (Consolidated statement of cash flows). A capital loss of €174 million will be recognized in the first quarter of 2023, mainly reflecting the crystallization of historic currency translation balances.