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Maire Tecnimont invests in Siluria Technologies

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Hydrocarbon Engineering,

Maire Tecnimont S.p.A. and Siluria Technologies have entered into a joint collaboration agreement (JCA). Under the terms of the JCA, Maire Tecnimont and Siluria agreed to combine their respective technologies and expertise to bring to the marketplace a unique process to convert natural gas directly into commodity chemicals and their derivative products.

In conjunction with the signing of the JCA, Maire Tecnimont has made a minority investment of US$10 million in Siluria’s share capital through the Series E financing round.

“We are excited to expand our product portfolio by teaming with Maire Tecnimont, to enable a completely new pathway to produce additional petrochemical derivatives from natural gas,” said Erik Scher, Siluria’s Interim CEO and President. “This new product offering will expand Siluria’s portfolio beyond our current solutions focused on gasoline and ethylene, to address an even larger share of the global petrochemical and energy market. Furthermore, partnering with Maire Tecnimont provides a worldwide platform for commercialisation.”

“This collaboration capitalises on Maire Tecnimont’s international competencies in engineering and construction, technology licensing and new business development,” said Pierroberto Folgiero, Maire Tecnimont’s CEO. “We are eager to combine these core strengths with Siluria’s ground breaking technology development platform to offer a unique, high value solution to petrochemical customers.”

Siluria has raised more than US$40 million in equity through the Series E offering since last November. Maire Tecnimont is proud to be part of Siluria’s existing world class base of strategic investors including Saudi Aramco and the National Petrochemical Industrial Company (NATPET), among others.

Adapted from press release by Rosalie Starling

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