Technip Energies and Iowa Corn announced that the Iowa Corn Promotion Board (ICPB) and Technip Energies have signed an Asset Purchase Agreement under which Technip Energies acquires ICPB’s patents, technology, and rights for the process technology to produce monoethylene glycol (MEG) from surplus corn plant-based feedstocks.
Since 2013, ICPB has invested checkoff funds(1) to develop the technology and to create new demand for corn-based products. Corn-based MEG is used to produce renewable plastics. Technip Energies will advance the technology development, construct and operate a pilot plant to commercialize the technology and make it available for licensing.
Stan Nelson, Chair of the Iowa Corn Research and Business Development Committee, commented: “Iowa Corn has been dedicated to finding new uses and markets for corn to meet our mission for long-term Iowa corn farmer profitability. By investing in research to expand the market for corn as an ingredient to replace oil, products like MEG will allow more renewable materials to be created and improve our environmental footprint. With the sale of MEG technology to Technip Energies, work will continue to explore other uses for corn such as propylene glycol.”
Stan Knez, Chief Technology Officer, Technip Energies stated, “We are excited to add this MEG technology to our portfolio, as we work with clients looking for more sustainable ways to produce plastics and basic chemicals. As we continue to pursue technologies that contribute to the circular economy, this acquisition is in line with our ambition to accelerate the energy transition for a better tomorrow.”
Corn-based MEG is a drop-in replacement for current fossil fuel-based MEG and a base chemical for products like antifreeze, pop and water bottles, and polyester clothing. Over 70 billion pounds of MEG is used in the world every year with the yearly growth in the market equal to nearly 100 million bushels of corn.
Shannon Textor, Director of Communications, 515-225-9242, email@example.com