Page 168 - CW E-Magazine (28-11-2023)

News from Abroad

FOCUS ON ALTERNATIVES

Australian startup, Phantm, gets $2-mn seed funding

to drive its plastic reduction efforts

Phantm, a Melbourne-based circu- recycling challenging, and instead it we can finally turn virgin plastic off
lar-economy platform, has raised $2-mn promotes natural materials such as at the tap,” said Mr. Elliot Costello,
in an oversubscribed seed round to help seaweed, fungi, cellulose, pulp and CEO, Phantm.
businesses wean themselves off plastics. biodegradable polyhydroxyalkanoates
Backed by Blacknova VC, Salus (PHA)-based materials as alternatives. Phantm is currently working with
Ventures and CoVentures VC, Phantm The tech start-up has built a platform coffee giant Starbucks Australia and
is seeking to provide an independent to help organisations track and reduce plant-label specialist Norwood Indus-
pathway for businesses to adopt sustain- the amount of plastic waste they pro- tries using its ART (Assess, Reduce,
able options for their packaging and duce while working to transition to Transition) methodology to help the
product solutions. Rather than encour- more environmentally conscious alter- businesses track their progress towards
aging plastic recycling, Phantm seeks natives. becoming plastic-free while also cut-
out sustainable alternatives to enable ting costs. Although it is currently
businesses to create a circular regene- “We are in the midst of a plastic focused on the Australian market,
rative natural materials economy. crisis, and recycling alone cannot solve Phantm has ambitions to take its plat-
it. The market has been demanding form to Asia, North America and
The company notes that economic alternatives and it’s time to embrace Europe in a bid to support regions with
factors, infrastructure limitations the range of different materials that can significant plastic consumption and
and government regulations make replace petrochemical plastics so that limited recycling infrastructure.
CONSOLIDATION

Chemanol to acquire 84% stake in Addar Chemicals

Saudi Arabia’s Methanol Chemi- indicators and achieving the targeted which are not affected by fluctuations
cals Co. (Chemanol) has signed a share return on investment, as earlier agreed in feedstock prices and economic cycles
purchase agreement (SPA) with the upon, according to a statement released within the petrochemicals market.
shareholders of Addar Chemicals Co. to the Saudi stock exchange. The stake purchase would contribute
(ACC) to acquire an 84% stake in the to reducing ACC’s production costs by
latter for a SR 46.2-mn ($12-mn) cash Chemanol said the acquisition is integrating its services with Chemanol’s.
consideration, to be disbursed partially aimed at enhancing its market share Additionally, Chemanol will provide
and within specified intervals, as per in the specialty chemicals market and some necessary materials for ACC’s
the terms stipulated in the SPA. diversifying its product range, in line production process, with some of the
with its strategic expansion plans. It latter’s products to be merged with
This disbursement is contingent underscored that this acquisition forti- Chemanol’s production operations,
upon meeting pre-defined performance fies its business and product offerings, Chemanol informed.

168 Chemical Weekly November 28, 2023

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