The two firms will combine their research and development capabilities and required resources for the development of new plastics traceability solutions
BASF and Security Matters seek to accelerate progress towards a circular economy for plastics. (Credit: Capri23auto from Pixabay)
German chemical company BASF has signed a binding joint development agreement with digital technology solutions provider Security Matters to accelerate the progress of the plastics industry towards a circular economy.
The agreement allows the partners to develop solutions to trace plastics from production to distribution and circularity by combining their research and development capabilities and required resources.
BASF said it would contribute its experience in plastic additives, regulatory know-how, and understanding of the plastics value chain as part of the deal.
BASF Europe performance chemicals senior vice-president Achim Sties said: “We are jointly developing this game-changing technology that could capture information of the polymer and how the plastic moves through the entire production and distribution process.
“We will be able to devise an appropriate additive package for our customers and other players in the value chain using recycled material to capture more material value and increase resource productivity.”
Security Matters to offer track and trace solution
Security Matters will offer its track and trace solution, which is designed to marking physical objects with an unalterable chemical-based barcode and able to link them to a digital twin.
Claimed to endure manufacturing and recycling processes, the barcode gathers information that can be used for closing the plastic loop.
Security Matters founder and CEO Haggai Alon said: “This collaboration is the first step in demonstrating how our technology can be used in a circular application.
“By providing transparency of product lifecycles, we can create an entire technology-driven ecosystem that promotes circularity and sustainability for plastics.”
In February 2020, BASF and Fabbri Group have announced the development of a certified compostable cling film for fresh-food packaging applications.