GC continually seeks new business opportunities through corporate venture capital and invests in advanced technology and startups.
This investment moves GC into a leading technology and innovative business for the future.
GC recently co-invested in ECONIC, a developer of carbon value creation catalyst technologies for the sustainable production of polymers from COtwo with its advanced carbon capture and utilization (CCU) innovation that will help GC achieve the Net Zero goal by 2050.
BANGKOK, September 9, 2022 /PRNewswire/ — GC Ventures Company Limited (GC Ventures), a subsidiary of PTT Global Chemical Public Company Limited (GC), has become one of the investors in Econic Technologies (Econic), a British company that uses advanced technology to recycle carbon dioxide for use as a raw material in the production of polymers. Econic develops catalyst technologies to convert captured COtwo efficiently into a raw material that can then be used in the manufacture of essential products for the polyurethane industry, including insulation and structural foams, protective coatings, sealants and adhesives. This successful round of fundraising and investment closed with a total of £10.4 million raised from investors and companies around the world, allowing Econic to continue its commercial production and process technology development .
Dr. Kongkrapan Intarajang, CEO and Chairman of PTT Global Chemical Public Company Limited, or GC, He said that as a leading global chemical company, GC sees this investment as key to supporting the GC Group’s Net Zero goals by integrating green innovation with advanced technology. Econic’s technology enables captured carbon dioxide to be recycled for use as a feedstock in polymer production to help reduce carbon emissions. This is directly in line with GC’s strategic direction and goal of a 20% reduction in greenhouse gas emissions by 2030 and achieving Net Zero by 2050 through our three-year low carbon transition framework. pillars as follows: “Driven by efficiency”, maximizing production efficiency in all processes and in all assets; “Portfolio-driven” with long-term business restructuring and portfolio expansion while integrating circular economy principles; and “Compensation-driven” with carbon offsetting and sequestration through multiple approaches, setting goals for large-scale forest planting and restoration at the national level, and participating in projects studying the application of Carbon Capture technology and Carbon Storage (CCS). , providing access to new carbon capture technologies in the future. These are all important factors that will enable GC to achieve our ambitious goal of becoming a Net Zero company.
GC has already planned decarbonization investments of up to $1 billion by 2030 and even more in the next decade to meet its goal of achieving Net Zero by 2050 with long-term sustainable business growth.
GC expects the shift to Net Zero to continue to benefit its customers as its portfolio management focuses on improving quality of life and creating positive lifestyle changes, including continuing to care for the earth with beneficial products for society and the environment, aligning itself with its “Chemistry for the concept of Living Better”.
About GC Ventures Company Limited
GC Ventures is a wholly owned subsidiary of PTT Global Chemical Public Company Limited (GC). We uncover breakthrough innovations to solve global challenges and meet the needs of today’s and tomorrow’s businesses and lifestyles. We are focusing on strategic investments and collaborations with related startups and also investing in venture capital funds around the world to co-create solutions and improve their readiness to scale in order to accelerate growth in innovations and businesses for growth. sustainable GC. GC Ventures has offices in Bangkok, Thailand Y Massachusetts, United States.
GC group is Thailand largest integrated petrochemical company and a leading corporation in the Pacific Asia region, both in size and in a wide range of products, from petrochemicals to biochemicals as the number 1 producer of bioplastics in the world. Our vision is to be a leading chemical group in the world for a better life, as we combine environmentally friendly innovations with advanced technologies to develop products that improve people’s lives. GC Group has been rated number one in the world for sustainability in the DJSI chemicals sector for 3 consecutive years. In line with the Paris Agreement, GC Group aims to reduce current greenhouse gas emissions by 20 percent by 2030 on our journey towards achieving Net Zero by 2050.
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SOURCE PTT Global Chemical Public Company Limited