Elevance Announces Licensing Agreement with Chemtura
WOODRIDGE, IL – Elevance Renewable Sciences Inc. announced a licensing agreement with Chemtura, a global, specialty chemicals company, for Elevance Aria® WTP technology and market development.
Chemtura will have global rights to develop, derivatize, manufacture, use and sell products incorporating the Elevance Aria WTP technology in lubricant applications. Elevance has retained rights outside lubricant applications.
Elevance Aria WTP technology combines the benefits of two key synthetic base stock technologies – synthetic esters and PAOs – into a single high-performing molecule providing advanced lubricating properties including lower friction and improved wear, along with reduced foaming and better additive solvency characteristics.
“At Elevance, we employ a strategic partnership business model by engaging with leading companies, like Chemtura, that see value in using our unique building blocks such as our unsaturated esters in distinct market segments,” said Commercial Director Gregory E. Gerhardt. “This agreement leverages the new-to-the-world technology present in Elevance Aria WTP technology with Chemtura’s world-class capabilities in lubricant synthetic base stocks, additive synthesis, and sales and marketing infrastructure. We are pleased to partner with Chemtura.”
Elevance uses a collaborative business model to commercialize and bring its novel and high-performing, bio-based chemicals to market. By partnering with industry leaders in specific market segments or distinct technologies, Elevance leverages complementary assets, capabilities and market access, and provides its partners the opportunity to accelerate growth.
Chemtura is a developer, manufacturer and provider of additives and base stocks to lubricant formulators globally, including Synton® high-viscosity PAOs and Hatco® synthetic esters.
“We are excited about adding this unique technology to our tool box,” said Global Strategic Marketing Manager David L. Stonecipher. “It fundamentally enhances our ability to bring next-generation, functionalized base stocks and additives to our global customers, ensuring we can deliver differentiated solutions to meet their needs.”
Headquartered in Woodridge, Illinois, Elevance Renewable Sciences Inc. creates novel, high-performing specialty chemicals from renewable feedstocks using a proprietary olefin metathesis technology. These chemical building blocks are leveraged in a wide range of applications, including coatings.