AKRON, Ohio, Feb. 20, 2017 /PRNewswire/ -- A. Schulman,
Inc. (Nasdaq: SHLM), a leading international supplier of
high-performance plastic compounds, masterbatches, powders and
resins, today announced that A. Schulman Inc. and Adsorbed Natural
Gas Products, Inc. (ANGP) have reached an agreement whereby A.
Schulman will join the coalition with ANGP to develop and produce
the world's first commercially viable conformable Type IV
adsorbent-based low pressure natural gas (ANG) storage tank for
motor vehicles.
In February 2016, ANGP and United
Technologies Research Center (UTRC) announced an exclusive
licensing agreement allowing ANGP to use UTRC's patent-pending
technology to develop and produce storage tanks. A. Schulman will
join the coalition as the material and molding solution provider to
help develop a storage tank that meets the American National
Standards for Natural Gas Vehicle Container (ANSI NGV2)
certification. With A. Schulman's Quantum carbon fiber
composite technology, A. Schulman was chosen as a key participant
in developing this advanced storage system.
ANGP received the prestigious 2016 Frost & Sullivan New
Product Innovation Award for Gas Storage for Natural Gas Vehicles
(NGVs). The on-board, low-pressure adsorbed natural gas
storage system developed by ANGP and its technology partners was
recognized as an innovative, game-changing solution in the light
duty vehicles (LDVs) fueling market.
"We are honored to receive an invitation to join the coalition
and look forward to developing the world's first commercially
viable natural gas storage tank to meet the needs of our end
customers for innovative, light-weight and environmentally friendly
products," said Frank Roederer,
senior vice president and general manager, US & Canada and Engineered Composites, A. Schulman,
Inc.
"A. Schulman, as a leading material solutions company, was
selected to be the material and molding solution provider for the
development of the tank after a careful review of all our
options. We are excited to add the company's knowledge and
expertise to our coalition to develop this technology for mass
market acceptance," said Bob
Bonelli, ANGP co-founder and chief executive officer.
"ANGP has done a tremendous job in demonstrating the value
proposition for this technology. By pulling together all the
coalition members, ANGP has leveraged each company's unique skill
set to help develop the most robust and cost effective solution,"
commented Doug Gries, global
marketing director, A Schulman, Inc. "Our carbon fiber material
technology is uniquely suited to meet the challenges in the
automotive market."
About A. Schulman, Inc.
A. Schulman, Inc. is a leading international supplier of
high-performance plastic compounds and resins headquartered
in Akron, Ohio. Since 1928, the Company has been
providing innovative solutions to meet its customers' demanding
requirements. The Company's customers span a wide range of markets
such as packaging, mobility, building & construction,
electronics & electrical, agriculture, personal care &
hygiene, sports, leisure & home, custom services and others.
The Company employs approximately 4,800 people and has 54
manufacturing facilities globally. A. Schulman reported
net sales of approximately $2.5 billion for the fiscal
year ended August 31, 2016. Additional information
about A. Schulman can be found
at www.aschulman.com.
About UTRC
As the innovation hub of United
Technologies Corp. (UTC), United Technologies Research Center
(UTRC) supports the development of new technologies and
capabilities across the company and collaborates with external
research organizations, universities and government agencies
globally to push the boundaries of science and technology. Further,
UTRC leads the monetization of UTC's intellectual property through
business model innovation. UTRC is headquartered in East Hartford, Connecticut, with additional
operations at its affiliate in Berkeley,
California, and its subsidiaries in Shanghai, China; Rome, Italy; and Cork, Ireland. UTC, based in Farmington, Connecticut, provides high
technology systems and services to the building and aerospace
industries. Find out what it means to Be Curious at
www.utrc.utc.com.
About ANGP
Adsorbed Natural Gas Products, Inc. (ANGP)
designs, develops and manufactures on-board low pressure adsorbed
natural gas (ANG) storage technology, and related products, for all
classes of motor vehicles. The unique ANGP business model of
working through a coalition of major corporations, each with
specific competencies and global infrastructure, assures the market
of the best combination of science, technology and manufacturing.
ANGP has one main objective: to be the leading motor vehicle
ANG technology company, providing products that are disruptive,
enabling and manufactured to the highest standards of safety,
performance and reliability. For more about ANGP please
visit www.angpinc.com.
Ingevity: Purify, Protect and Enhance
Ingevity (NYSE:
NGVT) provides specialty chemicals and high-performance carbon
materials and technologies that help customers solve complex
problems. These products are used in a variety of demanding
applications, including asphalt paving, oil exploration and
production, agrochemicals, adhesives, lubricants, printing inks and
automotive components that reduce gasoline vapor emissions. Through
a team of talented and experienced people, Ingevity develops,
manufactures and brings to market products and processes that
purify, protect and enhance the world around us. Headquartered in
North Charleston, S.C., Ingevity
operates from 25 locations around the world and employs
approximately 1,500 people. For more information,
visit www.ingevity.com
SHLM_All
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SOURCE A. Schulman, Inc.