Partnership Provides Long Term Financing to GreenGlycols® to build a BioMPG production facility with an annual production capacity of 40,000 tonnes in Delfzijl, the Netherlands.
SAN DIEGO, March 29, 2023 /PRNewswire/ — ETHOS ASSET MANAGEMENT INC USA, announced a new long-term financing partnership with GreenGlycols® Green Glycols B.V., a 50/50 Joint Venture between ChemCom Dunaliella B.V. and GBE Europe B.V. Ethos has committed to providing significant capital infusion that will continue for several years.
Carlos Santos, CEO of Ethos Asset Management Inc, stated,
“We are very pleased to announce this impactful and sustainable project to produce Mono Propylene Glycol (MPG). MPG is a raw material with a wide range of applications such as functional liquids (antifreeze and aircraft de-icing), liquid detergents, cosmetics, medicines and foodstuffs. In the sustainable process of Green Glycols, traditional petrochemical raw materials for MPG are replaced by vegetable glycerine. This saves up to 280,000 tonnes of CO₂ per year compared to fossil MPG. The molecular structure of BioMPG is identical to that of fossil MPG, making it completely interchangeable. We were very impressed with Green Glycols, a dynamic and inspirational organization and the key personnel we worked with in making this deal happen, Pablo A. Otero, Director, GBE Europe and Leen van der Sluis, Director, Green Glycols whose vision, passion and commitment to this project was exceptional. We are delighted to be investing in The Netherlands as our expansion into Europe continues.”
Pablo A. Otero, Director, GBE Europe, stated,
“GBE is a group based in Argentina with a team of more than +1,000 employees in Argentina, the Netherlands, Spain, Italy and Brazil. We emphasize the focus on growth and the search for excellence in our processes and operations; encouraging reduction of CO₂ emissions, supporting the transition to a new energy matrix, collaborating with the energy products and feedstock generation. With that objective in mind, we have partnered up with ChemCom Industries to produce this ground breaking product, Bio-MPG. Our JV, GreenGlycols® will be in production soon, thanks to the support and financing of Ethos Asset Management Inc. Who has become a valuable financial partner, in this progress forward to the “de-fossilization” of the economy.”
Leen van der Sluis, Director, Green Glycols, stated,
“ChemCom group is a company with over 50 years of experience in the chemical industry. We are making the transition from products based on fossil raw materials to products based on ecological or recycled raw materials. ChemCom produces resins for the green wood processing industry, superplasticizers for the concrete and plaster industry, sustainable plant nutrition and intermediates for the chemical industry. Under the name Alteqo, renewable chemistry two eco-based products, Glycamal® and Glycasol®, are produced. These products find their way to pharmaceutical, life science, agro and technical applications. These developments we do together with international partners. We are proud to work together with Grupo Bahia Energia and Ethos Asset Management Inc. as partners to make the GreenGlycols® concept a reality. Green Glycols® our offer for eco-based propylene glycol. An important step on the path of sustainability.”
Mayra Fonseca Couto, Ethos Chief Operating Officer – South America, stated,
“We are very proud to sign a long term partnership with GreenGlycols, a company that has the know how of consolidated entities in the market of global reach that have always been aware of new technologies that allow them to focus on growth through a project that brings innovative and sustainable solutions to many other sectors of the economy and brings real benefits to the environment. We thank all the dedication of the GreenGlycols team.”
Eduardo Pereira (from Rosebud and partnered by e-Value Partners), Associate, Ethos, South America, stated,
“GreenGlycols is for our team a flagship project considering the relevant decarbonization contribution related with scope 3 emissions along industrial processes. The objective is to produce a green raw material (glycols) alternative to fossil equivalent that is a key input on the industrial chemical sector. GreenGlycols is a new venture but already detains several agreements with worldwide market leaders to assure long term supplies. Effectively we are facing a real sustainable solution towards NetzeroC02 strategies.”
About Ethos Asset Management Inc:
Ethos Asset Management (Ethos) is an independent, US-based company with global reach in resource mobilization and project financing.
For more information, please visit https://www.ethosasset.com
Green Glycols B.V. provides a cost-effective eco-based solution to customers to renew their products and reduce carbon footprint, for a sustainable future. Green Glycols will use plant-based feedstock in the manufacturing of green drop-in USP grade propylene glycol. GreenGlycols® has a license of proven BASF technology, and Air Liquide will provide world-class engineering services to build the plant. As global demand for propylene glycol increases, GreenGlycols® will give customers the opportunity to source a non-fossil alternative. Production will come on stream in 2025, and marketing will take place through our partner HBI (Paris).”
For more information, please visit https://www.greenglycols.com
Erik F.M Bastiaensen, Partner & Business Development, ChemCom group:
Pablo A. Otero, Director, GBE Europe:
Ethos Asset Management
INC: Press Office
SOURCE Ethos Asset Management