Red Avenue New Materials and BASF cooperated with 100,000 tons/year PBAT project to test run in the third quarter
Latest News: Recently, Red Avenue New Materials Group Co., Ltd. stated in its 2022 semi-annual report: The 100,000-ton/year biodegradable material project (Phase I) is in the construction stage and is expected to be in the third quarter Start feeding and driving.
Through the introduction of PBAT polymerization technology authorized by BASF, Red Avenue New Materials has launched a 100,000-ton/year biodegradable material project (Phase I) in Shanghai Chemical Park with a production capacity of 60,000 tons/year. In the future, it will meet the needs of high-end biodegradable products in shopping bags and express bags. , the application of agricultural plastic film.
Degradable Project Background
On October 19, 2021, the “Sustainability Co-construction Alliance” was initiated by BASF and jointly established with upstream and downstream partners in the value chain.
Covalence) was officially established. The alliance aims to gather industry chain partners, promote low-carbon development of various key industries, and promote circular economy. Red Avenue New Materials is one of the founding companies of the Sustainable Development Co-construction Alliance.
The cooperation between Red Avenue New Materials and BASF began in 2000. On May 28, 2020, BASF and Red Avenue New Materials Group signed a joint agreement to authorize Red Avenue New Materials Group to produce and sell certified compostable aliphatic-aromatic copolyester (PBAT) according to BASF’s high-quality standards. Red Avenue New Materials will build a PBAT factory in Shanghai with an annual production capacity of 60,000 tons, which is expected to be put into operation in 2022. The plant will use BASF’s process technology, and some of the raw materials produced will be sold by BASF as ecoflex products.
Under the framework of the sustainable development alliance, BASF and Red Avenue New Materials will work together to explore more innovations and developments in the field of degradable materials.
Red Avenue New Materials 2022 First Half Results
From January 1, 2022 to June 30, 2022, the company achieved an operating income of 1.176 billion yuan, a year-on-year increase of 0.37%, and a net profit of 184 million yuan, a year-on-year decrease of 22.40%.
The company’s current main business includes: electronic materials business, special materials business for automobiles/tires, and fully biodegradable materials business.