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    Home > Chemicals Industry > Rubber Plastic News > BASF invests in marine plastic recycling start-up platform

    BASF invests in marine plastic recycling start-up platform

    • Last Update: 2023-01-26
    • Source: Internet
    • Author: User
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    BASF venture capital, the corporate venture capital arm of the BASF Group, announced that it has made a strategic investment in the U.
    S.
    -based Oceanworks start-up platform, a U.
    S.
    -based start-up for ocean, ocean shipping and post-consumer recycled plastic sourcing platform

    .

    BASF said the investment underscores the company's commitment to developing sustainable solutions and driving the transition to a circular economy
    .

    Oceanworks aims to support businesses in achieving their goals of using higher recycling rates in their products, serving as a trusted source for high-quality marine, ocean-going and post-consumer recycled plastics
    .

    The startup has developed a blockchain-based digital solution to provide customers with the traceability and material quality assurance they need, as well as global logistics and marketing support
    .
    This technology enables recycled plastics to be traced back to their origin

    .

    The investment from BASF Ventures is part of a series of seed financings for Oceanworks, enabling the company to accelerate the development of its procurement engine and track-and-trace verification for recyclable ocean plastics
    .
    The parties have agreed not to disclose financial details of the investment

    .

    "Oceanworks' traceability tools add real value to reducing plastic waste," said Markus Sobieda, managing director of BASF Ventures.
    Ocean plastic materials to customers around the world

    .

    Vanessa Coleman, CEO of Oceanworks, said: "Oceanworks is delighted to partner with BASF to drive the growth of our new business model for responsible plastic sourcing that supports real-time, digital shore-to-shelf traceability
    .
    We look forward to accelerating the recycling of ocean plastic waste to Promoting a circular economy

    .

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