Braskem Announces a New Renewable Innovation Center In Lexington, Massachusetts
Philadelphia, Pa. & Lexington, Ma. - November 7, 2022 - Braskem (B3: BRKM3, BRKM5, and BRKM6; NYSE: BAK; LATIBEX: XBRK) the largest polyolefins producer in the Americas, as well as a market leader and pioneer producer of biopolymers on an industrial scale, today announced the construction of a new Renewable Innovation Center located in Lexington, Massachusetts at the Lexington Labs at 10 Maguire Road in Lexington, MA owned by Greatland Realty Partners. Braskem's new 35,000-square-foot innovation center will focus on accelerating innovation in renewable chemicals and sustainable materials. Capabilities at the new center will expand Braskem's competencies in biotechnology, catalysis, process engineering, and open innovation. A particular focus will be given to early-stage science and engineering related to the conversion of biomass-based feedstocks, including sugars, cellulose, plant oils, and lignin, to sustainable chemicals and materials. This will enhance Braskem's resources focused on the discovery of technologies that will drive new growth-oriented offerings centered around Carbon Circularity. This new innovation center is the latest expansion of Braskem's global Innovation & Technology footprint.
Mark Nikolich, CEO of Braskem America, stated "Our new Renewable Innovation Center reflects Braskem's ongoing commitment to a Carbon-Neutral Circular Economy and having a positive impact on the environment. Braskem intends to invest around $20 million to build our Renewable Innovation Center and will continue to invest in developing and retaining a world-class, Boston metro area-based innovation team to create proprietary intellectual property in the areas of sustainable chemicals and materials, all of which will be critical to the future success of Braskem's global business."
"The Town of Lexington is a leader in adopting Carbon-Neutral sustainable policies and is committed to driving down its greenhouse gas emissions to meet its climate action goals. Braskem's new Renewable Innovation Center's commitment to a Carbon-Neutral Circular Economy aligns with Lexington's goals and commitment to attracting businesses and development that demonstrate sustainable innovation. This facility will be a great addition to Greater Boston's life sciences ecosystem," shared Sandhya Iyer, Economic Development Director, Town of Lexington.
Today's announcement builds upon Braskem's current Boston-based research team led by Daniel MacEachran, Global Head of Biotechnology, who is leading the new Renewable Innovation Center build-out and professional team expansion. With the initial design and construction phase currently underway, Braskem expects the project to be completed in the second half of 2023, following the successful completion of final validation and commissioning. The new center is strategically based in Boston's world-class metro area biotechnology and innovation ecosystem, located within a one-hour drive of more than 60 universities and colleges. Work in the new Lexington center will complement Braskem's global R&D work currently being conducted in Campinas and Triunfo, Brazil as well as in Pittsburgh, Pa.
"Braskem is already a worldwide leader in renewable polymers and chemicals and this major new investment in a U.S. built-for-purpose, renewable innovation center further solidifies our position. With clear and ambitious long-term commitments to people, science, and the planet, the early-stage innovations we are exploring today are what will make a more sustainable tomorrow possible," said Daniel MacEachran.
Braskem is guided by the principle that disruptive innovation is the way to achieve real sustainability and the company will continue to lead sustainable innovation in chemicals and plastics to improve lives. From promoting plastic circularity to driving the bio-based materials revolution, Braskem is committed to diminishing the dependency on finite resources and reducing carbon emissions while generating a positive impact for a better society.
To learn more visit www.braskem.com/usa/sustainableinnovation .
This press release contains projections and other forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding future events. These statements reflect Braskem's current beliefs and expectations with respect to Braskem's business, the economy and other future conditions and are based on assumptions, are subject to risk and uncertainties and are subject to change at any time. Actual events or results may differ materially from those contained in such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: (i) the continuation of restrictions related to the COVID -19 Pandemic or the continuing effects of the Pandemic; (ii) the contraction or lack of growth in the market segments in which Braskem competes and in which its products are sold (iii) unexpected delays in commissioning, (iv) increased competition from imports or in the export markets, (v) inability to anticipate future market trends and the future needs of Braskem's customers, (vi) the impact of natural disasters on Braskem's facility and its suppliers and (vii) other factors detailed in documents Braskem files from time to time with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
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