GC Moves Toward Net Zero Target by Venture Capital Investment in ECONIC, Developer of Catalyst Technologies for Carbon-to-Value Creation for Sustainable Polymer Production
- GC continually seeks new business opportunities through the corporate venture capital and invests in advanced technology and startups.
- This investment moves GC toward to state of art technology and innovation business for the future.
- Recently, GC jointly invested in ECONIC, developer of catalyst technologies for carbon-to-value creation for sustainable polymer production from CO2 with its advanced Carbon Capture and Utilization (CCU) innovation which will support GC to achieve the Net Zero target by 2050.
Bangkok, September 1, 2022 - GC Ventures Company Limited (GC Ventures), a subsidiary of PTT Global Chemical Public Company Limited (GC), became one of the investors in Econic Technologies (Econic), a British company using advanced technology to recycle carbon dioxide for use as a raw material in polymer production. Econic develops catalyst technologies to convert captured CO2 efficiently back into a raw material that can then be used in the manufacturing of essential products for the polyurethane industry, including insulation and structural foams, protective coatings, sealants, and adhesives. This successful fundraising and round of investment closed with a total of £10.4 million raised from investors and companies worldwide which will enable Econic to continue with its commercial production and process technology development.
Dr. Kongkrapan Intarajang, Chief Executive Officer and President of PTT Global Chemical Public Company Limited, or GC, said that as a leading global chemical company, GC foresees this investment as key in supporting the GC Group’s Net Zero goals by integrating green innovation with advanced technology. Econic’s technology enables the recycling of captured carbon dioxide for use as feedstock in the production of polymers to help reduce carbon emissions. This is directly in line with GC’s strategic direction and target for a 20% reduction of greenhouse gas emissions by 2030 and the achievement of Net Zero by 2050 via our three-pillar low carbon transition framework as follows: “Efficiency-driven,” maximizing production efficiency throughout all processes and across all assets; “Portfolio-driven” with long-term business restructuring and portfolio expansion while integrating the circular economy principles; and “Compensation-driven” with offsetting and carbon capture through multiple approaches, the setting of goals for the planting and restoration of large-scale forests at the national level, and participation in projects studying the application of Carbon Capture and Storage (CCS) technology, providing access to new carbon capture technologies in the future. All of these are important factors that will allow GC to achieve our ambitious target of becoming a Net Zero company.
GC has already planned decarbonization investments up to $1 billion by 2030 and even more in the next decade in order to meet its goal of achieving Net Zero target by 2050 with long-term sustainable business growth.
GC expects the shift toward Net Zero will continue to benefit its customers as its portfolio management focuses on improving quality of life and creating positive lifestyle changes, including continued care for the earth with products beneficial to society and the environment, aligning with its “Chemistry for Better Living” concept.