Aether Industries enters licensing pact with Saudi Aramco

9 Jun 2023 , 12:41 PM

Aether Industries Limited, one of India’s leading specialty / fine chemical manufacturers and preferred provider of contract research and manufacturing services, announced that it signed a license agreement with Saudi Aramco Technologies Company to commercialize the sustainable Converge polyols technology.

The agreement marks the official commencement of Aether’s efforts in manufacturing and commercializing the Converge polyols technology and product series. 

Aramco and Aether already developed the manufacturing process for this technology and validated it at a pre-commercial scale. The agreement also outlines the upcoming significant milestones in the process.

The Converge platform is an innovative and advanced technology designed for the production of environmentally friendly polyols. These polyols have the potential to incorporate up to 40% carbon dioxide by weight, making them more sustainable. They form a unique series of polyols that hold great promise for various applications in the CASE (coatings, adhesives, sealants, elastomers) industry.

The commercialization and revenue potential of these novel polyols is substantial for the company. As per the company, it has a targeted market of 850 KTA (850,000 MT per year) and a CAGR of 5%, out of a total CASE industry polyol market size of more than 10,000 KTA.

Following this development, Aether Industries’ counter jumped 3.75% at Rs 1,019.20 per piece, against the previous close of Rs 982.40 on NSE. The counter hit a new 52-week high of Rs 1,055.

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