ExxonMobil Acquires Materia
ExxonMobil Chemical has acquired Materia, a US-based company that has pioneered technology for manufacturing a new class of materials that can be used in various applications, including wind turbine blades, electric vehicle parts, sustainable construction, and anticorrosive coatings. Financial terms of the deal were not disclosed.
The companies have been collaborating since 2017, developing new hydrocarbon-based materials that are said to be stronger, lighter and more durable than existing thermoset products such as epoxy.
In the wind power industry, these properties could enable the design of longer, more durable wind turbine blades for more efficient renewable electricity production. Due to their strength, the materials could also be used as a light-weight, corrosion-resistant replacement for steel in certain construction applications.
“We are reimagining how new hydrocarbon-based materials can form the building blocks to help multiple industries achieve a more sustainable future,” said Karen McKee, president of ExxonMobil Chemical. “This acquisition ties together Materia’s Nobel Prize-winning technology with ExxonMobil’s complementary proprietary technology and world-class manufacturing capabilities to bring this exciting new class of structural materials to commercial scale.”
The acquisition includes Materia’s headquarters and technology center in Pasadena, California and its manufacturing facility in Huntsville, Texas. ExxonMobil intends to operate the business under the Materia company name as a wholly owned affiliate.
Author: Elaine Burridge, Freelance Journalist
