ExxonMobil acquires Materia, Inc.
Published by Bella Weetch,
ExxonMobil Chemical Company (ExxonMobil) has acquired California-based Materia, Inc., a technology company that has pioneered the development of technology for manufacturing a new class of materials. The materials can be used in a number of applications, including wind turbine blades, electric vehicle (EV) parts, sustainable construction, and anticorrosive coatings.
The companies have been collaborating since 2017 on the development of new hydrocarbon-based materials that are stronger, lighter and more durable than existing thermoset products such as epoxy. In the wind power industry, these benefits could enable the design of longer, more durable wind turbine blades for more efficient renewable electricity production. Due to their strength, the materials could also be used as a lightweight, corrosion-resistant replacement for steel in certain construction applications.
“We are reimagining how new hydrocarbon-based materials can form the building blocks to help multiple industries achieve a more sustainable future,” said Karen McKee, President of ExxonMobil. “This acquisition ties together Materia’s Nobel Prize-winning technology with ExxonMobil’s complementary proprietary technology and world-class manufacturing capabilities to bring this exciting new class of structural materials to commercial-scale.”
The materials take advantage of catalyst discoveries made by professor Dr. Robert Grubbs and his research team at the California Institute of Technology in the US. Grubbs received the 2005 Nobel Prize in Chemistry for these discoveries.
The acquisition includes Materia Inc.’s headquarters and technology centre in Pasadena, California, US, and its manufacturing facility in Huntsville, Texas, US.
ExxonMobil intends to operate the business under the Materia Inc. company name as a wholly owned affiliate.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/08122021/exxonmobil-acquires-materia-inc/
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