Exploring new business developments in information and communications technologies
Solvay today announces that it has joined Pangaea Ventures Fund II, LP, a Vancouver, Canada -based venture capital fund focused on advanced materials, including nanotechnology, energy and environmental technology. Solvay will contribute an undisclosed amount of capital to the fund, whose lead investors also include BASF and Ciba Specialty Chemicals.
Solvay’s commitment reflects its strategy to foster new business opportunities in information and communications technologies (ICT). The Group’s principal areas of interest in next-generation ICT materials include light-emitting polymers, electricity conductive polymers and conductive inks.
In addition to its own in-house research efforts, Solvay explores the development of new activities through venturing and partnerships with pioneering research organizations. The Group has recently concluded an agreement with the Georgia Institute of Technology’s Center for Organic Photonics and Electronics (COPE) to fund research in organic light-emitting diodes (OLEDs). As for venturing, the participation in funds and subsequent investment in pioneering growth companies gives Solvay essential insight into the most recent developments of ground-breaking markets and technologies.
“We are confident that our participation in Pangaea Ventures Fund will stimulate the further development of Solvay’s new advanced materials activities, through close contact with innovation in North America,” commented Léopold Demiddeleer, Corporate R&D and New Business Development Director, Solvay. “Our intention is to build a long lasting partnership to reinforce Solvay’s advanced materials platform in information and communications technologies – which we identified as a key area of development for the Group,” he added.
Pangaea Ventures is a venture capital firm that invests in early-stage advanced materials, energy and environmental technologies and nanotechnology companies. It has broad domain expertise in these areas and works closely with its portfolio companies. It has offices in Vancouver and New Jersey makes investments across the United States and Canada.
SOLVAY is an international chemical and pharmaceutical Group with headquarters in Brussels. It employs some 30,000 people in 50 countries. In 2005 its consolidated sales amounted to EUR 8.6 billion generated by its three activity sectors: Chemicals, Plastics and Pharmaceuticals. SOLVAY (Euronext : SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR) is listed on the Euronext stock exchange in Brussels. Details are available at www.solvay.com
