BASF invests in Oceanworks to accelerate plastics recycling
BASF Venture Capital, the investment arm of the chemicals group, has invested in recycled plastics platform Oceanworks to accelerate the development of its sourcing engine and track-and-trace verification programme.
US-based Oceanworks offers a platform for sourcing ocean, ocean-bound and averted post-consumer plastic and using digitised blockchain-based traceability.
The two companies are joining forces to promote the development of technologies that accelerate plastics recycling.
BASF co-founded the Alliance to End Plastic Waste at the start of 2019, saying the collaborative effort of companies, governmental, non-governmental organisations and the public is necessary to address the global challenge of mismanaged plastic waste.
Dr Martin Kayser, senior vice-president of corporate projects at BASF, said: “To protect our planet’s resources, we need to transform the way we live and do business. Oceanworks is a great addition to achieve our ambitious targets.”
