ExxonMobil, the US oil major, announced it acquired Materia, Inc., a Nobel prize-winning technology developer, for the manufacturing of new materials for various applications in the energy sector.
Firstly, Materia Inc. is a California-based company that develops innovative materials that can serve numerous applications including wind turbine blades, electric vehicle parts, sustainable construction, and anti-corrosive coatings.
Moreover, ExxonMobil and Materia have been collaborating since 2017 on the development of new hydrocarbon-based materials that are stronger, lighter, and more durable than existing thermoset products such as epoxy.
This material has a number of uses in the power industry. Specifically, it can help the design of longer, more durable wind turbine blades for more efficient renewable electricity production. The products from Materia Inc., due to their strength, could also serve as a lightweight; corrosion-resistant replacement for steel in certain construction applications.
Furthermore, the materials from the California-based company take advantage of the revolutionary catalyst discoveries made by professor Dr. Robert Grubbs and his research team at the California Institute of Technology. Grubbs received the 2005 Nobel Prize in Chemistry for these discoveries.
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Materia Inc.’s acquisition by ExxonMobil to expand its growth opportunities
As a result of the acquisition, ExxonMobil will own Materia’s headquarters and technology center in Pasadena, California; and its manufacturing facility in Huntsville, Texas. ExxonMobil intends to operate the business under the Materia company name as a wholly-owned affiliate.
Professor Robert Grubbs, Nobel Laureate and co-founder of Materia said about the matter. “The combination of Materia’s innovative culture, dedicated employees, and cutting-edge technology with ExxonMobil’s expertise and scale in bringing new technology to market will open up an exciting new chapter for Materia.”
He also remarked. “ExxonMobil’s acquisition significantly expands the growth opportunities for this unique technology.” On the other hand, Karen McKee, president of ExxonMobil Chemical Company, said. “We are reimagining how new hydrocarbon-based materials can form the building blocks to help multiple industries achieve a more sustainable future.”
Finally, she said. “This acquisition ties together Materia’s Nobel Prize-winning technology with ExxonMobil’s complementary proprietary technology and world-class manufacturing capabilities to bring this exciting new class of structural materials to commercial scale.”
