01 February 2012 11:37 [Source: ICIS news]
LONDON (ICIS)--BASF subsidiary BASF Venture Capital is investing $5m (€3.8m) in US-based Solidia Technologies, the German chemical major said on Wednesday.
BASF will work with the advanced materials company to develop its sustainable process for concrete and material production, it said.
“The materials produced by this process will have disruptive potential in the building and construction industry. They have better mechanical properties than traditional concrete and show no shrinkage, high compressive strength and low permeability,” said BASF Venture Capital principal Pulakesh Mukherjee.
“The global building and construction market offers a significant opportunity for this innovative technology. Our process has been developed in the pilot scale to date and BASF can add a lot of value with its knowledge of chemistry and process engineering,” said Solidia Technologies CEO Thomas Schuler.
Solidia Technologies was founded in 2008 and capitalises on proprietary and patented advances in materials innovation.
BASF Venture Capital explores new growth potentials based on investment in start-up companies and funds. Its Solidia Technologies investment is part of a current $27m round of financing.
($1 = €0.76)
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