- GC continually seeks new business opportunities through corporate venture capital and invests in cutting-edge technologies and startups.
- This investment moves GC towards cutting-edge technology and innovation activity for the future.
- Recently, GC has jointly invested in ECONIC, a developer of catalytic technologies for carbon value creation for the sustainable production of polymers from CO2 with its advanced Carbon Capture and Utilization (CCU) innovation that will help GC achieve Net Zero 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 using advanced technology to recycle carbon dioxide for use as a raw material in the production of polymers. Econic develops catalytic technologies to convert captured CO2 efficiently into a raw material that can then be used in the manufacture of essential products for the polyurethane industry, including insulating and structural foams, protective coatings, sealants and adhesives. This successful fundraising and investment round closed with a total of £10.4 million raised from investors and companies around the world, which will allow Econic to continue commercial production and the development of its process technology.
Dr. Kongkrapan Intarajang, Managing Director and Chairman of PTT Global Chemical Public Company Limited, or GC, said that as a leading global chemical company, GC sees this investment as essential to supporting the GC Group’s Net Zero goals by integrating green innovation with cutting-edge technology. Econic’s technology recycles captured carbon dioxide for use as feedstock in the production of polymers to reduce carbon emissions. This is directly in line with GC’s strategic direction and goal for a 20% reduction in greenhouse gas emissions by 2030 and achieving Net Zero by 2050 through our transition framework to three-pillar low-carbon as follows: “efficiency-driven”, maximizing production efficiency of all processes and assets; “Portfolio-driven” with long-term restructuring of activities and expansion of the portfolio while integrating the principles of the circular economy; and “offset-focused” with offsetting and carbon capture through multiple approaches, setting targets for large-scale forest planting and restoration at the national level, and participating 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 enable GC to achieve its ambitious goal of becoming a Net Zero company.
GC has already planned decarbonization investments of up to $1 billion by 2030 and even more over the next decade to meet its goal of achieving Net Zero by 2050 with sustainable business growth long-term.
GC expects the shift to Net Zero to continue to benefit its clients as its portfolio management focuses on improving quality of life and creating positive lifestyle changes, including care of the earth with products beneficial to society and the environment, aligning itself with its “Chemistry for Better Living” Concept.
About GC Ventures Company Limited
GC Ventures is a wholly owned subsidiary of PTT Global Chemical Public Company Limited (GC). We discover disruptive innovations to solve global challenges and meet the needs of businesses and lifestyles of today and tomorrow. We focus on strategic investments and collaborations with related startups and also invest in venture capital funds around the world to co-create solutions and improve their ability to scale to accelerate innovation and business growth for the sustainable growth of GC. GC Ventures has offices in Bangkok, Thailand and Massachusetts, United States.
The GC group is Thailand the largest integrated petrochemical company and a leading company in the Asia Pacific region, both in size and wide product range – from petrochemicals to biochemicals as the world’s largest producer of bioplastics. Our vision is to be one of the world’s leading chemical groups for a better life, as we combine environmentally responsible innovations with cutting-edge technologies to develop products that improve people’s lives. GC Group has been ranked number one worldwide for sustainability in the DJSI chemical sector for 3 consecutive years. In line with the Paris Agreement, GC Group aims to reduce current greenhouse gas emissions by 20% by 2030 as part of our journey to reach Net Zero by 2050.
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SOURCE PTT Global Chemical Public Company Limited