Materia Inc. to Join ExxonMobil Chemical Company as Wholly-Owned Subsidiary
December 07 2021 - 1:00PM
Business Wire
Materia, Inc., a high-performance structural materials company
that has pioneered the development of a Nobel Prize-winning
technology for making a new class of polymers, today announced that
it has been acquired by ExxonMobil Chemical Company, a division of
ExxonMobil Corporation (NYSE: XOM).
This acquisition couples Materia’s Nobel Prize-winning
technology with ExxonMobil’s complimentary proprietary processes
and world-class manufacturing capabilities to bring these new
sustainable structural polymers to greater commercial scale.
Materia has been working since its formation in 1999 on the
development and commercialization of a new class of ruthenium
catalysts and ROMP chemistry invented by Caltech Professor Robert
Grubbs, for which Dr. Grubbs received a Noble Prize in Chemistry in
2005.
“Materia’s flagship polymer family, ProximaTM, draws upon the
ROMP catalyst technology to produce hydrocarbon based products with
significant performance and sustainability advantages,” said Cliff
Post, Materia’s president and CEO, “This technology can be used to
form composites that exhibit strength and stiffness equivalent to
steel, with significantly reduced weight.”
With initial support from CalTech and private investor capital,
Materia has achieved commercial applications in several sectors,
including oil & gas and industrial molding applications. In
2016, Materia received a $2 million grant from the Department of
Energy to explore the feasibility of molding hydrogen tanks from a
Proxima - carbon fiber composite.
Since 2017, ExxonMobil and Materia have been collaborating to
research further uses for Proxima under a joint development
agreement, including wind blade and anti-corrosion coatings. The
technology could enable the manufacture of longer and more durable
wind turbine blades for more efficient renewable energy generation.
ExxonMobil anticipates expanding the scope of applications for
Proxima, including parts for electric vehicles and sustainable
construction projects.
“We are excited to begin this new chapter with ExxonMobil in our
mission to deliver next-generation materials for a more sustainable
world,” said Ray Roberge, chairman of the board of Materia, Inc.
“This development marks the culmination of decades of basic science
research made possible by Caltech and all of Materia’s
shareholders, especially Michael M. Kellen and Andrew S. Gundlach
of Bleichroeder LLC, and the Dr. Alfred J. Bader and Joseph
Bernstein families. Materia employees are excited to pursue the
commercialization of these important technologies.”
The acquisition includes Materia’s extensive portfolio of
patents and intellectual property, its headquarters, research 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
subsidiary.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy companies, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. To learn more, visit exxonmobil.com and
the Energy Factor.
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About Materia
Materia was founded in 1999 to commercialize a group of
ruthenium catalyst technologies developed by Nobel Prize winner Dr.
Robert Grubbs and his research group at Caltech. In recent years
the company has focused on developing ProximaTM polymers with
commercial success in subsea pipeline insulation, molding of parts
for industrial applications, and various composite applications
like composite rebar for concrete reinforcement.
Cautionary Statement: Statements of future events or conditions
in this release are forward-looking statements. Actual future
results, including the application of new technologies to new
industrial processes, could differ materially due to manufacturing
or operating requirements; political or regulatory developments;
future technological developments; technical or operating factors;
future testing of material properties and applications; and other
factors cited under the caption “Factors Affecting Future Results”
on the Investors page of our website at exxonmobil.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211207005941/en/
Nicole M. Powe General Counsel npowe@materia-inc.com
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