Got two news yesterday from LanzaTech and Elevance Renewable Sciences.
New Zealand-based LanzaTech said it has partnered with Taiwan-based LCY Chemical Corporation (LCY) to develop and produce chemicals from bio-based C2-C5 feedstock, which could replace LCY’s current petroleum-based portfolio such as TPE, PP, solvents and methanol derivatives. LCY is also looking to expand in bioplastics and biofuels.
LCY said it will fund the construction of production plants in exchange for access to LanzaTech’s gas fermentation technology.
“Bio-based chemicals are currently one per cent of global chemicals production, but that is expected to increase to nine per cent during the next 10 years,” said LanzaTech CEO Jennifer Holmgren. “LanzaTech and LCY will produce key bio-based chemicals, creating new products and revenue streams for both companies.”
Holmgren said biobased chemicals and plastics are forecasted to have potential global revenue of $15bn (EUR11.4bn) by 2020.
Meanwhile, Elevance said it is collaborating with International Specialty Products (ISP) to evaluate and commercialize renewable-based waxes and derivatives as biocide carriers for wood plastic composite materials. The waxes are made from vegetable oils produced using Elevance’s metathesis technology.
The companies plan to commercialize the products late this year.