Aether Industries Limited, have executed a Letter of Intent, effective on March 29, 2023 with Saudi Aramco Technologies Company, Saudi Arabia.
The Letter of Intent captures the preliminary terms regarding the finalization of a detailed licensing agreement towards the manufacturing and commercialization at Aether of the Converge® polyols technology and product series, the manufacturing process for which has been previously jointly developed and validated at commercial scale by Aramco and Aether.
The Converge® platform represents a novel and cutting-edge technology for the manufacture of more sustainable polyols containing up to 40% by weight carbon dioxide; these are a differentiated series of polyols that improve performance in CASE (coatings, adhesives, sealants, elastomers) applications while reducing the carbon footprint compared to industry standard polyols.
The Letter of Intent also captures the next set of important milestones including a joint press release between Saudi Aramco Technologies Company and Aether for the finalized licensing agreement as well as yet another potential joint press release between Saudi Aramco Technologies Company, Aether, and another partner announcing the first commercial product launch incorporating the Converge® polyol technology. This initial commercialization is building on the momentum and efforts to find performance enhancing and sustainable alternatives in the CASE industry.
Shares of Aether Industries Limited was last trading in BSE at Rs. 904.90 as compared to the previous close of Rs. 866.50. The total number of shares traded during the day was 5090 in over 607 trades.
The stock hit an intraday high of Rs. 909.80 and intraday low of 866.75. The net turnover during the day was Rs. 4569256.00.