International legal practice Osborne Clarke has advised deep-tech carbon-to-value pioneer, Econic Technologies on its partnership with Changhua Chemical Technology Company Ltd, with the goal of scaling the use of waste CO2 in polyurethane products.
The partnership was marked in a ceremonial signing on 8 June attended by the Mayor of Jiangsu province, where Changhua is based.
Econic's vision of utilising catalyst chemistry to turn waste CO2, a damaging greenhouse gas, into commercial and environmental gain, was crystallised by Professor Charlotte Williams. Since its inception, continued investment has enabled the talented team of scientists, engineers and commercial managers to develop catalyst technologies that have now been patented and validated in pilot operations. Most recently, Econic announced the first round of a multimillion-pound capital raise and receipt of UK government funding award.
Changhua is the leading independent Chinese polyol and polyurethanes company, part of the Jiangsu Changshun Group. The long-term licensing agreement will enable both parties to develop CO2-based polyurethane products, such as adhesives, coatings and insulation, to be manufactured in Changhua's first dedicated production plants for these products.
The trailblazing multi-year partnership builds on the companies' shared intention to create a market for CO2 products in line with the global drive to achieve net-zero waste and to meet increasing consumer demand for more sustainable products. By presenting an alternative to oil raw materials with waste CO2 in essential polyurethane products, the collaboration will see both companies contribute to global carbon reduction.
The Osborne Clarke team assisting Econic was led by Partner Rob Hayes, supported by Senior Associate Jon Round and Associate Lucy Price (OC UK) and Managing Partner Guohua Zhang and Associate Stephanie Jin (OC Legal China).
Rob Hayes, Partner at Osborne Clarke commented:
"Having worked with Econic for over 10 years, it is fantastic to see the collaboration with Changhua come to fruition. It is a great endorsement of the Company's cutting edge technology and the dedication of Econic's management team. As businesses and individuals make significant changes in response to the climate crisis, technological developments and innovative solutions such as Econic's will play a vital role in achieving decarbonisation goals."
Osborne Clarke has an established and well-respected position as one of the leading law firms advising on renewable energy projects and transactions. As businesses strive to meet the challenges of decarbonisation, Osborne Clarke is supporting its clients on projects to procure, fund and develop the sustainable infrastructure, buildings and land use of the future. The team’s experience and understanding of the energy sector means they are well placed to advise on your decarbonisation journey.