Evonik Industries says its venture capital arm, Evonik Venture Capital, has invested in Azolla Ventures’ (Cambridge, Massachusetts) sustainability fund, Azolla Ventures I, and in Chrysalix Venture Capital’s (Vancouver, British Columbia, Canada) Carbon Neutrality Fund. Both venture capital companies are looking into carbon dioxide (CO2) reduction technologies, with Azolla focusing in North America and Chrysalix globally, Evonik says. Financial details of the investment have not been disclosed, but Evonik says this is its venture capital arm’s first investment using the new €150 million ($159 million) sustainability tech fund.
“Fund investments are a key part of our investment strategy,” says Bernhard Mohr, head/Evonik venture capital. “By working with Azolla Ventures and Chrysalix, we gain an early insight into pioneering technologies for CO2 reduction worldwide. This also helps us to achieve our own sustainability goals.”
The company’s new sustainability tech fund focuses on investments in six technology fields: circular economy, alternative raw materials, future mobility, hydrogen economy, renewable carbon, and clean energy, the company says. With the sustainability tech fund, the total fund volume of Evonik Venture Capital increases to €400 million and the company’s sustainability ambitions are strengthened, the company adds.
Evonik has set a goal of reducing Scope 1 and Scope 2 emissions from the current 6.5 million metric tons (MMt) to 4.9 MMt by 2030. Evonik also plans to increase the proportion of sales of products with superior sustainability benefits, “so-called next generation solutions,” from 37% to over 50% over the same period, it says.
by Sotirios Frantzanas
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.