South Korea’s top chemicals maker LG Chem Ltd. and food and biotechnology firm CJ CheilJedang Corp. have agreed to launch an eco-friendly bio-nylon joint venture to create a new revenue source and cut carbon emissions, said Kedglobal.
The two companies said on Thursday that LG Chem Chief Executive Shin Hak-cheol and CJ CheilJedang CEO Choi Eun-seok have signed a head of agreement (HOA) to build a JV plant to produce eco-friendly nylon based on bio-materials, called PMDA, which are produced by fermenting corn, sugarcane and other crops.
Once up and running, the JV will be Korea’s first bio-nylon project to produce both raw materials and finished products, according to LG.
Under the agreement, CJ will produce PMDA with its microbial precision fermentation technology while LG will polymerize or combine raw materials to produce bio-nylon, also known as bio-polyamide, and sell products.
We remind, LG Chem Ltd. striving to become a leading global battery materials player broke ground on its first-ever cathode plant in the US, expected to be the biggest of its kind in the world’s third-largest EV market. The plant’s groundbreaking ceremony took place in Clarksville, Tennessee on Tuesday (local time) about a year after the Korean company and the US state government in November last year signed a memorandum of understanding to invest $3.2 billion in total to build a cathode manufacturing facility in the US.
mrchub.com