Aether Industries signs license agreement with Saudi Aramco Technologies Company for the commercialization of the sustainable Converge® polyols technology

Aether Industries Limited (NSE: AETHER, BSE: 543534), one of India's leading speciality / fine chemical manufacturers and preferred provider of contract research and manufacturing services, has today inked a license agreement with Saudi Aramco Technologies Company for the commercialization of the sustainable Converge® polyols technology. The agreement formally initiates Aether's activities towards the manufacturing and commercialization at Aether of the Converge® polyols technology and product series, the manufacturing process for which has been previously jointly developed and validated at pre-commercial scale by Aramco and Aether. The agreement also captures the next set of important milestones.

Commenting on the agreement, Dr. Aman Desai (Promoter / Director) of Aether Industries said, "We are excited to partner with Saudi Aramco Technologies Company to take the next step forward furthering commercialization of Converge® polyols. After working for several years collaboratively towards the development of the manufacturing technology for the Converge® platform, we are happy to be chosen to commercialize the Converge® polyols. This agreement today formalizes the next step and initiates Aether's activities towards the commercialization of these sustainable polyols. The Converge® platform represents a novel and cutting-edge technology for the manufacture of more sustainable polyols that could contain up to 40% by weight carbon dioxide. These are a differentiated series of polyols with promising applications in the CASE (coatings, adhesives, sealants, elastomers) field. The commercialization and revenue potential of these novel polyols is significant, with a targeted market of 850 KTA (850,000 MT per year) and a CAGR of 5%, out of the overall CASE industry polyol market size of more than 10,000 KTA."

Commenting on the agreement, Abdullah S. Dhuwaihi (Chief Executive Officer (A)) of Saudi Aramco Technologies Company said, "Saudi Aramco Technologies Company is excited to have chosen Aether as its licensee for the commercialization of the novel Converge® polyols. Our respective teams have worked collaboratively for many years towards the manufacturing technology development of these polyols. The Converge® platform has the potential to reduce the carbon footprint compared to industry standard polyols, and this license agreement intends to build on the collaborative work done so far to find performance enhancing and sustainable alternatives in the CASE industry."

Shares of Aether Industries Limited was last trading in BSE at Rs. 982.00 as compared to the previous close of Rs. 930.15. The total number of shares traded during the day was 31295 in over 3489 trades.

The stock hit an intraday high of Rs. 1023.15 and intraday low of 973.75. The net turnover during the day was Rs. 30887054.00.

Source : Equity Bulls

Keywords

AetherIndustries SpecialtyChemicals INE0BWX01014 LicenseAgreement SaudiAramcoTechnologiesCompany PolyolsTechnology Sustainable