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Myriant becomes GC Innovation America. A Tactical Move from PTT.

The role of GC Innovation America will be to search for new technologies in North America for PTT (Thailand).

GC Innovation America (Global Chemical Innovation America) will fulfil following roles for PTT: technology scouting, corporate venture capital and develop areas such as advanced materials, digital platforms, biotech & life sciences, clean & green technologies

GC Innovation America will identify potential collaborations and partnerships with technology startups, universities and open innovation consortia for PTT. Their goal will be to leverage resources and expertise within PTT (GC Group) to foster innovation breakthrough with their partners.

Myriant becomes GC Innovation America

Myriant had been incorporated in 2009 as BioEnergy International LLC and renamed Myriant Corporation in 2011.

PTT made following investments in Myriant: $60 million in 2014 and $ 6.15 million in 2017. Myriant restructured its operations beginning of 2017 from producing biosuccinic acid towards R&D.

Myriant officialy changed its name to GC Innovation America on 1st August 2018.  The following note was published on Myriant website:

Thank you for reaching the Myriant website. You are being redirected to the GC Innovation America website because as of August 1, 2018 Myriant has changed our name to GC Innovation America.

The change is more than only the name; it reflects the new innovation vision for PTT Global Chemicals in North America. We continue to offer the same Performance bio-chemicals and Bio-plastics and have expanded our scope to encompass Technology Scouting and Corporate Venture Capital activities as well as bio-catalyst R&D. Please help us celebrate our new strategy and enjoy our new website.

PTT Signed JV with Mitsui Chemicals

Earlier this moth, PTT Global Chemical signed a JV agreement with Mitsui. PTT GC will supply Paraxylene (PX) for the production of Purified Terephthalic Acid (PTA), and TOCGC (subsidiary of PTT GC) will supply Mono Ethylene Glycol for the production of PET. Mitsui Chemicals will supply technology, technical support, marketing and sales knowledge. This joint venture is a good opportunity to increase cooperation between both companies in Asia.

Mitsui signed a trusted agreement with Synvina (a JV between Avantium and BASF) for the commercialisation of PEF in Asia. PEF is the biobased plastics that should replace PET. PEF is the bio-friendly substitute of PET and will be used to make beverage bottles.

Beginning of 2018, Myriant had partnerships with:

myriant partners gc innovations america

CLOSING REMARKS

  • PTT had to make a move. They joined the NatureWorks JV with the promise that a plant would be built in Thailand. It didn’t happen. In the meantime, Total Corbion will start producing PLA in Thailand and become a competitor to PTT. Go explain this to the Thai tax payers. Remember that PTT is a state owned oil and chemical company.
  • Should PTT decide to quit NatureWorks, it would be handier to have a platform such as GC Innovation America where they could fall upon to use their knowledge acquired during the NatureWorks journey.
  • Is the deal between PTT and Mitsui Chemicals a disguised and indirect attempt for PTT to jump on the Synvina PEF wave in Asia? The Synvina Plant in Antwerpen (Be) will only be operational in 2023 or 2024.
  • Ladies and Gentleman, the bioplastics adventure is just getting started. Alliances and investments are being made. Faites vos jeux…

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