Aether Industries signs a licensing agreement with Saudi Aramco Technologies Company

Aether Industries signs a licensing agreement with Saudi Aramco Technologies Company

Targets market worth 850 KTA per annum globally estimated to grow to at a CAGR of 5%

  • By ICN Bureau | June 09, 2023

Aether Industries, one of India's leading specialty and fine chemical manufacturers and preferred provider of contract research and manufacturing services, has signed a licence agreement with Saudi Aramco Technologies Company for the commercialization of the sustainable Converge polyols technology. This agreement marks the beginning of Aether's activities toward manufacturing and commercializing Converge polyols technologies.  Previously, Aramco and Aether developed and validated the manufacturing process. The agreement also specifies the next set of critical milestones.

Dr.Aman Desai, Promoter and Director, Aether Industries, said: "We are thrilled to be partnering with Saudi Aramco Technologies Company to advance the commercialization of Converge® polyols." We are pleased to have been chosen to commercialise the Converge® polyols after working collaboratively for several years on the development of the manufacturing technology for the Converge platform. This agreement formalises the next step in Aether's commercialization of these sustainable polyols. The Converge platform is a novel and cutting-edge technology for producing more sustainable polyols with up to 40% carbon dioxide by weight. This is a distinct series of polyols with promising applications in the field of CASE (coatings, adhesives, sealants, and elastomers). These novel polyols have significant commercialization and revenue potential. In addition, the CASE polyol market size is more than 10,000 KTA, which represents the commercialization and revenue potential of these novel polyols. They are targeted for 850 KTA (850,000 MT per year) with a CAGR of 5%."

Abdullah S. Dhuwaihi, Chief Executive Officer (A), Saudi Aramco Technologies Company, said: "Saudi Aramco Technologies Company is pleased to announce that Aether has been selected as its licensee for the commercialization of the novel Converge polyols." For many years, our teams have worked together to develop the manufacturing technology for these polyols. The Converge platform has the potential to reduce carbon footprint compared to industry standard polyols, and this licence agreement intends to build on previous collaborative work to find performance enhancing and sustainable alternatives in the CASE industry."           

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