Maire Tecnimont completes the acquisition of the majority stake of Conser, expanding its technology portfolio in bio-degradable plastics

Maire Tecnimont S.p.A. announces that, through its subsidiary NextChem Holding S.p.A., it has finalized the acquisition of an 83.5% stake of Conser, a technology licensor and process engineering design company based in Rome, Italy, as already announced on January 23, 2023, said Hydrocarbonprocessing.

The purchase price is approximately EUR35.8 MM, of which EUR28.4 MM paid upfront and EUR7.4 MM deferred and subject to certain conditions. The agreement provides also an earn-out clause based on the achievement of specific operating results relating to FY 2023 and 2024 as well as put and call options on the remaining 16.5% stake exercisable within the next three years.

With this acquisition, MAIRE strengthens its leadership in the energy transition and circular economy field, adding innovative and sustainable technologies for biodegradable plastics intermediates and high value-added specialty chemicals to its portfolio. These technologies may be exploited in new markets thanks to MAIRE’s global commercial network and integrated project execution capability. Further growth opportunities may come from the development of a fully biodegradable or bio-based polymer, in line with the decarbonization strategy undertaken by the Group.

Founded more than 50 years ago, Conser can rely on an extremely diverse portfolio of technology patents dedicated to the energy transition and added-value specialty chemicals processes, including cost-effective and process-flexible technologies for maleic anhydride, butanediol and dimethyl succinate, which are crucial building blocks for the production of biodegradable plastics. Given their excellent biodegradation properties, these plastics show very promising prospects driven by a growing demand, especially in Asia. Conser’s portfolio also includes technologies for fine chemistry for lithium battery production, and bio-based derivatives (plant glycerin). In 2023 Conser is expected to generate operating results (EBITDA) in the range of EUR13-15 MM and to post a net cash position of over EUR10 mln.

Conser has been advised by FAI ADVISORY and by law firm Foschiani of Rome, while MAIRE has been supported by its internal M&A, legal and corporate affairs teams.

We remind, Maire Tecnimont S.p.A. announces that, through its subsidiary NextChem Holding S.p.A., it is expanding into the high-value derivates and biodegradable plastic by-products licensing markets with the acquisition of an 83,5% stake of Conser, a technology licensor and process engineering design company based in Rome, Italy.

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Axens has acquired stakes in the BioTJet project, the aim of which is to build and operate the largest European Sustainable Aviation Fuel (SAF) production unit using the Fischer-Tropsch process, relying on the BioTfueL technology, said Hydrocarbonprocessing.

This unit will be built in France and will be started up by 2027. BioTfueL is an advanced biofuel production technology using the thermochemical route, developed and proven within the framework of the eponymous project from 2010 to 2021. The BioTfueL process, includes Gasel, a technology suite licensed by Axens, used to produce high quality renewable fuels by the Fischer Tropsch process.

Within the framework of the BioTJet project, Axens is surrounded by its partners, Elyse Energy, Avril, IFP Energies nouvelles through its investment subsidiary IFP Investissements, and Bionext, and is thus part of the European energy transition strategy in line with the ambitious objectives of decarbonization of the aviation sector.

Axens is supporting the development of the BioTJet project above and beyond the conventional role of licensor, equipment, catalyst and adsorbent supplier, by becoming a shareholder and partner of the BioTJet project company. Axens’ equity investment in an industrial scale project marks a key milestone for the commercial development of BioTfueL.

The BioTJet project will make it possible to process a broad spectrum of lignocellulosic biomasses, which do not compete with food uses, in a chain combining torrefaction, gasification and Fischer Tropsch synthesis, for the production of SAF and by-products such as sustainable naphtha.

The BioTJet project has received support from the ADEME (The French Agency for Ecological Transition) as part of the France 2030’s 4th Investments for the Future Program, through the Call for Proposals for the "Development of a French Sustainable Aviation Fuel production sector". A final investment decision is expected end 2024 for a start up by 2027.

We remind, Axens (Rueil-Malmaison, France) announced that earlier this year it demonstrated the successful start-up of the first ethanol-to-ethylene pilot plant based on Axens Atol technology with Sumitomo Chemical, which is going on the waste-to-polyolefins project in Japan. At full rollout, this project will attain the production of waste-based polyolefin at industrial scale, representing a step forward towards a circular economy based on renewable carbon.

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Kevin O’Leary, star of “Shark Tank” and chairman of O’Leary Ventures announced his plans to build a USD14 bn oil refinery with the goal of reigniting America’s energy independence, said Hydrocarbonprocessing.

On a recent episode of Fox News’ “The Big Money Show”, O’Leary stated "I'm at that stage in my life where I want to do something big. And the task that I've decided I'm going to take on is, I'm going to build a refinery in America. I'm going to do it,"

"It's going to cost about USD14 billion," he explained. "I'm going to syndicate that debt and that equity. I'm going to find a state that wants to work with me. I'm going to get a permit and we're going to do the right thing for America. We have to have more refineries."

O’Leary later continued, "The Middle East, that produces most of the world's oil, has already told every economy, including ours: do not depend on us in perpetuity for your energy; if you can find your way to energy independence, you do it and in fact, we'll invest in it for you because we have to supply energy to the entire world," O'Leary said. "Unfortunately, no matter how much you think we're getting off hydrocarbons, it's not going to happen for 50 years."

"At the end of the day, we can make our own energy here very clean. We haven't built a refinery in America in decades because we can't permit it," the "Shark Tank" star said. Responding to a question from the audience, O’Leary went on to note that America’s energy independence is a “top-three election issue”.

We remind, Axens has acquired stakes in the BioTJet project, the aim of which is to build and operate the largest European Sustainable Aviation Fuel (SAF) production unit using the Fischer-Tropsch process, relying on the BioTfueL technology. This unit will be built in France and will be started up by 2027.

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Technip Energies announces the award of a contract for the Front End Engineering Design (FEED) phase of LanzaTech’s DRAGON Sustainable Aviation Fuel (SAF) Project based on LanzaJet Alcohol to Jet (ATJ) Technology, on track to be one of the first commercial SAF facilities in the UK, said Hydrocarbonprocessing.

Under a UK Government mandate, SAF must comprise the equivalent to at least 10% of jet fuel by 2030. DRAGON stands for Decarbonizing and Reimagining Aviation for the Goal Of Netzero.

LanzaTech UK’s DRAGON SAF Project has been awarded supplemental funding through The UK Department for Transport’s Advanced Fuel Fund to help decarbonize aviation fuel in the UK. The flagship facility, to be located in Port Talbot, Wales, will uniquely use feedstock (ethanol) derived from local waste sources, bringing circularity to the project’s green credentials.

The development, which is expected to produce 79 KTA (thousand Tons per Annum) (ca.100million liters/year) of SAF will deploy LanzaJet’s proprietary ATJ technology. T.EN’s proprietary Hummingbird technology has been selected for the ethanol to ethylene conversion, which is the first step of the LanzaJet ATJ Process. Once in production, the plant will produce substantial quantities of low carbon intensity SAF to help the UK realize their net zero ambitions at an accelerated pace. The technology also will produce 10M liters per year of low-carbon intensity, sulfur- free renewable diesel as a valuable co-product.

This project follows a similar ATJ project being constructed in the US, LanzaJet’s Freedom Pines Fuels 10M GPY (38M LPY) ATJ unit, expected to come on stream at the end of 2023. This project also includes T.EN’s proprietary Hummingbird technology on the front end, and will be its first commercial plant, and the world’s first ATJ unit.

In April 2022, T.EN’s UK Operating Centre successfully completed the ISBL (Inside Battery Limits) FEED assessment for the project, and has now been tasked with executing the consolidated FEED Package for the full facility. T.EN’s main aim is to develop an ‘Execution Ready’ FEED package in order to move the project forward efficiently into the next phase of development.

Technip Energies has proven capabilities and expertise in Engineering, Technology and Sustainable Chemicals, spanning 60+ years. Its Hummingbird technology produces bio-ethylene from a variety of ethanol feedstocks, derived from diverse sustainable sources including via the fermentation of industrial waste gases. Unlike traditional ‘grey’ ethylene production, the Hummingbird process does not necessitate the steam cracking of fossil fuels. The Hummingbird technology within the LanzaJet ATJ solution provides a ‘Best-in-Class’ route to producing Sustainable Aviation Fuel via ethanol.

We remind, Technip Energies has been awarded a contract by CNOOC and Shell Petrochemicals Company Ltd. (CSPC) for the Huizhou Phase III project, a mega liquid ethylene cracker located in Huizhou, Guangdong Province, China. Technip Energies is providing the proprietary technology and process design for CSPC’s 1,600 KTA(1) ethylene plant. This liquid ethylene cracker pioneers the use of a low CO2 furnace design and electrification of major compressors. The plant is anticipated to have 20% lower CO2 emissions than a similar conventional facility and will be able to maximize benefit from the rapidly decarbonizing power grid for future CO2 emission reduction.

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Honeywell announced that the world’s largest High Performance Oleflex unit at Jiangsu Sailboat Petrochemical Co., LTD continues to produce 700,000 metric tons per year of polymer-grade propylene at its Lianyungang City plant in China’s Jiangsu Province, said Hydrocarbonprocessing.

Propylene is the primary component in a variety of products including plastics, carpets, and moisture wicking fabric that are rapidly growing in demand.

The Honeywell UOP Oleflex process is used to produce light olefins through the catalytic dehydrogenation of light paraffin and provides users with an on-purpose source of polymer grade propylene and/or isobutylene. Coupled with Honeywell UOP’s DeH-16 high yield, high activity paraffin dehydrogenation catalyst, Sailboat’s low severity High Performance Oleflex unit continues to demonstrate low feed and energy consumption with low coke yield – lending itself to more stable, long-term operation. The Honeywell UOP Oleflex technology is a low-energy consumption, lower-emission technology that utilizes a catalyst with recyclable platinum with lower environmental impacts relative to comparable alternatives.

“Our Sailboat propane dehydration unit is the first low severity High Performance Oleflex unit in China. Additional collaboration with Honeywell on the intelligent and digital aspects of the unit include a first-in-China proprietary carbon emission system which allows for real-time computing and monitoring of carbon dioxide emissions from the PDH daily operation,” said Oleflex Project Leader, Jiangsu Sailboat Petrochemicals Co. “Sailboat can achieve the best production cost and the lowest carbon emission while maintaining the leading position in propane dehydrogenation thanks to Honeywell’s High Performance Oleflex design and DeH-16™ catalyst.”

“Through the use of Honeywell’s High Performance Oleflex unit and DeH-16 catalyst, Sailboat’s Oleflex unit can achieve lower feed and energy consumption and reduce direct carbon dioxide emissions based on carbon regeneration,” said Eric Seidel, vice president and general manager, Honeywell UOP Lifecycle Solutions and Technologies. “Our ready-now Oleflex technology and catalysts can allow companies like Sailboat to contribute to the transformation and upgrading of the national manufacturing industry."

Sailboat successfully commissioned its High Performance Oleflex unit in 2022 and achieved the complementary advantages of its two Honeywell UOP licensed technologies, Methanol to Olefins (MTO) and Oleflex in production of propylene. This combination gives Sailboat the flexibility to adjust the production capacity of MTO and propane dehydration (PDH) units according to the market conditions of methanol and propane to further reduce cost, increase efficiency and profitability. Sailboat owns one of 40 operating Oleflex units and one of seven operating MTO units, globally.

Honeywell recently committed to achieving carbon neutrality in its operations and facilities by 2035. This commitment builds on the company’s track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About 60% of Honeywell’s new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers.

We remind, Honeywell announced that SGP BioEnergy will implement Honeywell’s Experion System Technology at its Golden City Biorefinery in Colon, Panama. As one of SGP’s key automation contractors, Honeywell will deploy its Experion technology solutions for the plant’s distributed control and safety systems (DCS) and Experion Industrial Security systems for its integrated telecommunications to build a sustainable aviation fuel refinery.

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