June 1, 2016 — Maire Tecnimont S.p.A. (www.mairetecnimont.com) and Siluria Technologies (www.siluria.com) announced today that they have entered into a joint collaboration agreement (“JCA”). Under the terms of the JCA Maire Tecnimont and Siluria agreed to combine their respective technologies and expertise to bring to the marketplace a unique process to convert natural gas directly into commodity chemicals and their derivative products.
“This collaboration capitalizes on Maire Tecnimont’s international competencies in engineering and construction, technology licensing and new business development,” said Pierroberto Folgiero, Maire Tecnimont’s Chief Executive Officer. “We are eager to combine these core strengths with Siluria’s ground-breaking technology development platform to offer a unique, high-value solution to petrochemical customers.”
“We are excited to expand our product portfolio by teaming with Maire Tecnimont, to enable a completely new pathway to produce additional petrochemical derivatives from natural gas,” said Erik Scher, Siluria’s Interim CEO and President. “This new product offering will expand Siluria’s portfolio beyond our current solutions focused on gasoline and ethylene, to address an even larger share of the global petrochemical and energy market. Furthermore, partnering with Maire Tecnimont, a recognized leader in engineering, construction, technology licensing and new project development, provides a worldwide platform for commercialization.”
In conjunction with the signing of the JCA, Maire Tecnimont has made a minority investment of USD10 million in Siluria’s share capital through the Series E financing Round.
Siluria has raised over USD40 million in equity through the Series E offering since last November. Maire Tecnimont is proud to be part of Siluria’s existing world-class base of strategic investors including, among others, Saudi Aramco and the National Petrochemical Industrial Company (NATPET).
Maire Tecnimont S.p.A.
Maire Tecnimont S.p.A, listed on the Milan Stock Exchange, is the parent company of a leading global industrial group (Maire Tecnimont Group) operating in the sectors of Engineering & Construction (E&C), Technology & Licensing and Energy Business Development & Ventures, with specific expertise in plant engineering particularly in the hydrocarbon industry (oil & gas, petrochemicals, fertilizers), as well as in power generation and infrastructure. The Maire Tecnimont Group operates in approximately 30 countries, has about 45 operating companies and employs roughly 4,800 people, more than half abroad. For more information: www.mairetecnimont.com.
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About Siluria
Since its founding in 2009, Siluria has executed on a vision to better utilize limited carbon resources by providing disruptive catalytic solutions while addressing the petrochemical and energy industries’ most daunting challenging and largest opportunities. Siluria’s first novel technology enables the direct conversion of natural gas to ethylene via the Oxidative Coupling of Methane. This technology also provides the industry’s first and only solution of small-scale on-purpose and distributed scale ethylene production. Siluria is currently focused on commercial projects in the Refining and Midstream industries, and a pipeline of licensing projects in petrochemicals via its global partnership with Linde.
Siluria’s breakthrough Oxidative Coupling of Methane process is the first commercially-viable process to directly convert methane and ethane into ethylene. Siluria’s second process technology can convert ethylene to liquid fuels, such as gasoline. Both processes enable natural gas to supplement petroleum as the worldwide basis for transportation fuels and commodity chemicals. Siluria’s revolutionary catalyst and process technologies uniquely combine nanomaterials, catalyst development, and chemical engineering, to convert natural gas into higher-value products through efficient processes that can be seamlessly integrated into existing industry infrastructure. For more information about Siluria, visit www.siluria.com.
Media Contact:
Christopher Wailes
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(713) 585-5144 (mobile)