SABIC Ventures has made an investment in Imtex Membranes Corp. No financial terms were disclosed. Imtex is an Ontario-based membrane technology company.
MISSISSAUGA, ON, Nov. 26, 2019 /CNW/ – Imtex Membranes Corp. is pleased to announce that it has received a strategic investment from SABIC Ventures. SABIC is a global leader in diversified chemicals with $40 billion in revenues and operations around the world.
Imtex’s PermyleneTM membrane separation technology reduces wasteful gas flaring and enhances existing energy-intensive separation and purification of olefins from paraffins, the building blocks for polyolefin plastics and rubber chemicals. Imtex can deliver upwards of 30% energy savings over incumbent competing processes, which cost industry over $100 billion annually in energy and emits 350 million tonnes of greenhouse gas emissions globally.
“SABIC is excited to work with Imtex to bring its innovative technology to market and to help SABIC reduce waste flaring. Permylene membrane separation technology is poised to deliver valuable reductions in SABIC’s process energy and emissions.” – Dr. Bob Maughon, SABIC EVP Sustainability, Technology & Innovation and Chief Technology and Sustainability Officer.
The focus of the investment is to deploy Permylene membrane separation technology at a SABIC production site to support SABIC in achieving gas flaring reduction goals and enhancing process efficiency.
SABIC’s investment coincides with a recent announcement by Sustainable Development Technology
Canada (SDTC) that awarded over $6 million for Imtex’s growth plans in Mississauga and Sarnia, ON. Imtex recently announced its plans to build a commercial production facility at the Bio-Industrial Park in Sarnia, Ontario.
“It’s an honour to be selected to work with one of the world’s largest petrochemical manufacturers to bring Imtex’s patented process innovation to petrochemical operations. With SABIC Ventures and SDTC on board, Imtex can now accelerate the commercialization of our innovative technology.” – Karlis Vasarais, President, Imtex
Imtex Membranes Corp. is an innovative Ontario-based membrane technology company that can deliver significant energy and emissions reductions to petrochemical operations. Imtex’s PermyleneTM membrane separation technology separates paraffins and purifies olefins, the building blocks for polyolefin plastics and rubber chemicals.
SABIC is a global leader in diversified chemicals headquartered in Riyadh, Saudi Arabia. It manufactures 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.
The company supports its 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 has more than 33,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, it has about 11,738 global patent filings and issued patents, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia.
The Saudi Arabian government owns 70 percent of SABIC shares with the remaining 30 percent publicly traded on the Saudi stock exchange.