Chronicle Journal: Finance

Adaptive Surface Technologies Announces Corporate Partnership with SABIC for Sustainable Packaging Development and New Funding Round

CAMBRIDGE, Mass., Oct. 1, 2020 /PRNewswire/ -- Adaptive Surface Technologies, Inc. (AST), a Cambridge, MA-based industrial technology company that produces the SLIPS® line of materials and coatings used for a wide range of industrial, marine, and medical repellency applications, today announced that it has entered into an IP licensing partnership with global chemical manufacturer SABIC for development of consumer packaging products. The agreement covers mutual intellectual property for AST's SLIPS® Zero line, which enables consumer brands to create novel packaging designs for viscous liquid products.

Adaptive Surface Technologies logo (PRNewsfoto/Adaptive Surface Technologies, )

"We are delighted to announce our collaboration with SABIC to develop enhanced packaging performance in our SLIPS® Zero product range, as well as working on joint customer opportunities with SABIC's broad network of packaging raw material customers," said David Ward, Chief Executive Officer of Adaptive Surface Technologies. 

The SLIPS® Zero system allows for complete emptying and cleaning of the package, resulting in less waste, improved recyclability, and potential reusability. AST and SABIC will also collaborate on commercial opportunities, as SABIC and its customers continue to pursue sustainable consumer packaging solutions.

AST also announced that it has raised a new round of equity financing. The new funding comes from existing investors, including industrial technology investment firm Anzu Partners, and underlines the progress that the company has made in 2020 despite the impacts of the COVID-19 pandemic. AST recently announced it was awarded a $500,000 U.S. Air Force AFWERX SBIR Phase II contract for the development of ice-phobic coatings for military aviation.

AST's corporate investors include Tokyo Electron Ventures and BASF Venture Capital.

For more information Adaptive Surface Technologies and its products, please visit https://adaptivesurface.tech.

About Adaptive Surface Technologies

A world leader in repellent surfaces, Adaptive Surface Technologies, Inc. is a Cambridge, MA-based industrial technology company that produces the SLIPS® line of materials and coatings used for a wide range of industrial, marine, and medical applications. Our innovative coatings and cleaning maintenance systems create a slippery, fully liquid layer on surfaces that repel fluids, contaminants, and biological fouling agents. For more information, visit https://adaptivesurface.tech.

About SABIC

SABIC is a global leader in diversified chemicals headquartered in Riyadh, Saudi Arabia. We manufacture on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.

We support our customers by identifying and developing opportunities in key end markets such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy.

SABIC recorded a net profit of US$ 1.5 billion in 2019. Sales revenues for 2019 totaled US$ 37.3 billion while total assets stood at US$ 82.6 billion. Production in 2019 was 72.6 million metric tons.

SABIC has more than 33,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, we have 12,540 global patent filings, and have significant research resources with innovation hubs in five key geographies - USA, Europe, Middle East, South Asia and North Asia.

CONTACT 
Rob Haralson, rob@adaptivesurface.tech 
(202) 674-6679

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/adaptive-surface-technologies-announces-corporate-partnership-with-sabic-for-sustainable-packaging-development-and-new-funding-round-301144366.html

SOURCE Adaptive Surface Technologies, Inc.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.