METEX & SK Chemicals Sign Contract to Produce & Sell Bio-PDO for PURs

CLERMONT-FERRAND, France and SEOUL, South Korea -- METabolic EXplorer and SK CHEMICALS jointly announce that they have signed a worldwide Exclusive License Agreement to manufacture and market bio-PDO INSERT INTO [lzx].[dbo].[tb_new]([id],[type],[title],[source],[personal],[image],[contents],[time],[number]) VALUES (1,3-propanediol) based on METabolic Explorers proprietary technology. This technology produces PDO through the optimized fermentation of crude glycerin, a renewable feedstock. PDO is a diol chemical building block, used in various applications including cosmetic, personal care, coatings as well as to produce polymers such as PTT (poly trimethylen terephthalate) and polyurethanes.

Through this exclusive license, METEX will support SK Chemicals to successfully commercialize the PDO business and to benefit from expanding global demand for PDO. SK Chemicals, a leading South Korean company, has rapidly become one of the major green chemical companies through focusing on innovative chemicals and polymers and executing its vision to become a global leader for total solution provider for eco-friendly materials. SK Chemicals values METEXs PDO technology on robustness, breadth of intellectual property and economical attractiveness.

During the last three years, METEX, a European pioneer in industrial biotechnologies, sampled several tons of PDO on the market, tested dozens of different crude glycerine grades so as to accumulate expertise and to understand better product performance and drivers in key applications.

SK Chemicals strong technology and market access in the field of chemicals and polymer business are the main reasons why METEX has finally decided to license its technology exclusively to SK Chemicals. As a consequence of this new project, METEX has terminated all other discussions with potential PDO partners as well as its negotiations aiming at resuming its industrial project in Malaysia.

This exclusive alliance based on METEXs technology will allow SK Chemicals to invest for the commercial production of PDO. The transactions financial terms consist of an upfront payment with subsequent milestone payments and royalties.

"Through the completion of this strategic alliance, a major player in the emerging field of industrial biotechnology is recognizing METEX technology excellence and our ability to develop industrial processes. We see the highest potential for new PDO volumes growth in Asia. Our choice to work exclusively with SK Chemicals is not just because of its industrial and financial capabilities, but also or its profile as one of the most committed companies to develop as a leader in bio-based chemicals, not just to follow a fashionable trend but on a long term basis. We believe that working with an established company of the size of SK Chemicals is a better option for value creation, not just for our shareholders, but also for the end users who are waiting for PDO and deserve to be delivered today with our Products of the Future." states Benjamin Gonzalez, Founder and CEO of METEX.

Younghwi Jin, SVP, the Head of Bio-based Materials and Energy Division of SK Chemicals said "This exclusive license from METEX technology for PDO should be an exciting step forward for SK Chemicals to achieve its vision to become the world leading company in eco-friendly materials. Not only does it provide the opportunity to enter the PDO business, this exclusive partnership with METEX will also provide SK Chemicals a strong platform to expand