BASF Venture Capital GmbH (BVC), the corporate venture company of the BASF group, has announced a strategic investment in the US company Oceanworks for the development of sustainable solutions. Via its platform, Oceanworks offers not only PCR recyclate but also recyclate from marine litter, the origin of which is said to be traceable back to its origin through digital solutions.

 

Companies should be able, through track-and-trace and quality standards from Oceanworks, to purchase recyclate that is proved to have been produced from marine litter. In this way, firms could prove to their customers their commitment to a circular economy to bring to an end the situation with plastic waste in the seas. With the funds from BASF Venture Capital, the development of the sourcing engine from Oceanworks and the track-and-trace verification for recycled plastic from the sea are to be accelerated. BASF and Oceanworks say they are examining how they can jointly further develop the technologies in order to be able to offer more marine and other recyclate on a global basis. "We look forward to speeding up the recovery of plastic litter from the oceans in order to promote the circular economy," says Vanessa Coleman, CEO at Oceanworks. The company already operates a global trading platform for recyclate from the sea and for post-consumer recyclate (PCR), and is working together with a global network of collectors, recyclers and producers. The origin of the offered recyclate, says Coleman, is traceable via blockchain.

 

"The tools used by Oceanworks for tracking offer genuine added value in the reduction of plastic waste," says Markus Solibieda, Managing Director of BASF Venture Capital. "With this investment and the cooperation with Oceanworks, we are supporting BASF's aim of offering customers sustainable solutions in order to further optimise the production, use and recycling of plastics." In the Alliance to End Plastic Waste (AEPW), the chemical Group has, it says, been committed to reducing plastic waste in the environment as a founder member since 2019. In order to tackle this global challenge, BASF is of the opinion that a joint effort is required by companies, government and non-government organisations as well as by civil society. "In order to protect our planet's resources, we must change the way we live and the way we do business. Oceanworks is a great addition to achieve our ambitious targets," says Dr. Martin Kayser, Senior Vice President Corporate Projects at BASF.

 

Sources:

• de, k-zeitung.de (31.3.2022)
• euwid-recycling.de (7.4.2022)
• Photo: © Oceanworks