CORRECTING and REPLACING Braskem EVA Recycling Technology Research Partnership Awarded RD&D Grant from the REMADE Institute

Rhea-AI Summary

Braskem (B3: BRKM3, BRKM5, and BRKM6; NYSE: BAK; LATIBEX: XBRK) has been awarded a $504,000 Research, Demonstration, and Development (RD&D) grant from the REMADE Institute for its polymer recycling technology research partnership with adidas, Allbirds, and MIT. This project aims to reduce waste and promote sustainability in the footwear industry through the development of a circular economy model.

Positive

• Braskem received a substantial RD&D grant from the REMADE Institute, showcasing the company's commitment to sustainability and innovation.
• The partnership with renowned brands like adidas and Allbirds, along with MIT, adds credibility and expertise to the project, enhancing its potential for success.

Negative

• The project's success depends on the effective development of dynamic crosslinking technology, which could pose technical challenges and delays.
• The circular economy model, while promising, may require significant investments and resources, impacting Braskem's financials in the short term.

Braskem Research Partnership Supports the U.S. Transition to a Circular Economy

RD&D Partnership includes Braskem America, adidas, Allbirds, and the Massachusetts Institute of Technology

One of three REMADE awards recently granted to Braskem

PHILADELPHIA--(BUSINESS WIRE)-- Please replace the release dated November 20, 2023 with the following corrected version due to multiple revisions.

The updated release reads:

BRASKEM EVA RECYCLING TECHNOLOGY RESEARCH PARTNERSHIP AWARDED RD&D GRANT FROM THE REMADE INSTITUTE

Braskem Research Partnership Supports the U.S. Transition to a Circular Economy

RD&D Partnership includes Braskem America, adidas, Allbirds, and the Massachusetts Institute of Technology

One of three REMADE awards recently granted to Braskem

Braskem (B3: BRKM3, BRKM5, and BRKM6; NYSE: BAK; LATIBEX: XBRK) (“Company”), the largest polyolefins producer in the Americas and leading producer of biopolymers in the world, today announced Braskem’s polymer recycling technology research partnership has been awarded a $504,000 Research, Demonstration, and Development (RD&D) grant from the Reducing Embodied Energy and Decreasing Emissions (REMADE) Institute, a public-private partnership established by the United States Department of Energy (DOE). The winning RD&D project is focused on innovating a new pathway for recycling ethylene-vinyl acetate (EVA) as a sustainable materials solution for the footwear industry. The project is a partnership between Braskem America, adidas, Allbirds, as well as the Massachusetts Institute of Technology (MIT). REMADE is the first institute in the U.S. dedicated to accelerating the nation’s transition to a Circular Economy.

Kimberly McLoughlin, Principal Engineer, Braskem, stated, “Braskem and REMADE share a vision for building a more sustainable future, all built upon the creation of a carbon neutral circular economy. With a mutual passion for R&D-driven innovation, we are creating the next generation of manufacturing and materials science technologies. We commend REMADE for its leadership in effectively bridging government and industry to accelerate the path forward to a more sustainable economy and society.”

The REMADE Institute enables the early-stage applied research and development of key industrial platform technologies that could dramatically reduce the embodied energy and carbon emissions associated with industrial-scale materials production and processing. By focusing its efforts on the technical and economic barriers that prevent greater material recycling, recovery, remanufacturing, and reuse, the REMADE Institute seeks to motivate industry investments to advance technology development and support the U.S. manufacturing ecosystem. The U.S. Department of Energy and REMADE selected 14 projects in October 2023 with a combined total of $9.8 million in research and development funding. Since the Institute's founding in 2017, REMADE has launched or selected nearly 100 R&D projects, representing a total combined value of nearly $100 million.

Braskem RD&D Partnership Project Awarded Funding by REMADE:

Dynamic Crosslinking to Produce Secondary Feedstock from Recycled EVA as a Sustainable Solution for Footwear

• This project aspires to reduce the waste generated by permanently cross-linked EVA, the rubbery material that forms the cushion of shoe midsoles, through the development of a dynamic crosslinking technology that facilitates both the direct reuse of process scrap and the recyclability of post-service parts.

The circular economy is a sustainable model that aims to minimize waste by keeping resources in use for as long as possible, extracting their maximum value while in use, and then recovering and regenerating products and materials at the end of a resource’s life cycle. Not only does this reduce environmental impact, but it also offers new business opportunities and economic benefits, supporting innovation, job creation, and global competitiveness.

REMADE-funded research projects seek to innovate industrial-scale materials production and processing, achieving multiple positive impacts among the following Target Technical Performance Metrics (TPMs), including:

• Reducing primary feedstock consumed
• Reducing secondary feedstock energy
• Increasing embodied energy efficiency
• Reducing greenhouse gas (GHG) emissions
• Facilitating cross-industry reuse
• Balancing cost and energy party

According to the U.S. Department of Energy, manufacturing accounts for 25% of U.S. energy consumption at a cost of approximately $150 billion. Based on data from the U.S. Environmental Protection Agency, industry is the single largest contributor to greenhouse gas emissions in the nation, at 30%. By embracing the circular economy, REMADE’s investments ensure that America’s manufacturing sector remains globally competitive while moving the nation closer to meeting the clean energy goals set forth by the Biden-Harris Administration including achieving a net-zero-emissions economy by 2050.

Detailed information on all REMADE projects can be found at www.remadeinstitute.org.

ABOUT REMADE

Founded in 2017, REMADE is a 167-member public-private partnership established and funded in part by the U.S. Department of Energy's Office of Advanced Materials and Manufacturing Technologies (AMMTO) with an initial investment of $140 million. REMADE is the only national institute focused entirely on developing innovative technologies to accelerate the U.S.'s transition to a Circular Economy. In partnership with industry, academia, trade organizations, and national laboratories, REMADE enables early-stage applied research and development that will create jobs, dramatically reduce embodied energy and greenhouse gas emissions, and increase the supply and use of recycled materials. For more information about REMADE (Reducing Embodied Energy And Decreasing Emissions), visit www.remadeinstitute.org.

ABOUT BRASKEM

With a strategy centered on people and sustainability, Braskem is engaged in contributing to the value chain to strengthen the Circular Economy. Braskem’s almost 9,000 team members dedicate themselves every day to improving people's lives through sustainable solutions in chemicals and plastics. With its corporate DNA rooted in innovation, Braskem offers a comprehensive portfolio of plastic resins and chemical products for diverse industries, such as food packaging, construction, manufacturing, automotive, agribusiness, health, and hygiene, and more. With 40 industrial units in Brazil, the United States, Mexico, and Germany, Braskem exports its products to clients in over 70 countries.

Braskem America is an indirect wholly owned subsidiary of Braskem S.A. headquartered in Philadelphia. The company is the leading producer of polypropylene in the United States, with five production plants located in Texas, Pennsylvania, and West Virginia, an Innovation and Technology Center in Pittsburgh, and a New Renewable Innovation Center in Boston focused on leveraging groundbreaking developments in biotechnology and advanced materials. For more information, visit www.braskem.com/usa.

FORWARD LOOKING STATEMENTS

This press release contains projections and other forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding future events. These statements reflect Braskem’s current beliefs and expectations with respect to Braskem’s business, the economy and other future conditions and are based on assumptions, are subject to risk and uncertainties and are subject to change at any time. Actual events or results may differ materially from those contained in such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: (i) the continuation of restrictions related to the COVID-19 Pandemic or the continuing effects of the Pandemic; (ii) the contraction or lack of growth in the market segments in which Braskem competes and in which its products are sold (iii) unexpected delays in commissioning, (iv) increased competition from imports or in the export markets, (v) inability to anticipate future market trends and the future needs of Braskem’s customers, (vi) the impact of natural disasters on Braskem’s facility and its suppliers and (vii) other factors detailed in documents Braskem files from time to time with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Braskem on English social media:											REMADE on social media:
www.facebook.com/BraskemGlobal											www.linkedin.com/company/remade-institute
www.linkedin.com/company/braskem											www.twitter.com/REMADEInstitute
www.twitter.com/Braskem

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231120335064/en/

For press information:

Braskem North America

Stacy Torpey

Communications Director

1 (215) 841 3194

stacy.torpey@braskem.com

REMADE Institute

Megan Connor Murphy

Director, Marketing and Communications

1 (585) 339-8379

mconnormurphy@remadeinstitute.org

Source: Braskem

FAQ

What is the significance of Braskem's partnership with adidas, Allbirds, and MIT for the polymer recycling technology research?

The partnership aims to innovate a new pathway for recycling ethylene-vinyl acetate (EVA) as a sustainable materials solution for the footwear industry.

What is the total value of the RD&D grant awarded to Braskem by the REMADE Institute?

Braskem has been awarded a $504,000 Research, Demonstration, and Development (RD&D) grant from the REMADE Institute.

What is the main focus of the REMADE Institute's efforts?

The REMADE Institute focuses on reducing the embodied energy and carbon emissions associated with industrial-scale materials production and processing.

How does the project aspire to reduce waste in the footwear industry?

The project aims to develop dynamic crosslinking technology to reduce waste generated by permanently cross-linked EVA, promoting sustainability in the footwear industry.