BASF invests in Oceanworks, a sustainable plastic sourcing platform
BASF Venture Capital GmbH (BVC), the corporate venture company of BASF Group, announced today a strategic investment in Oceanworks, a sustainable plastic solutions provider that brings traceability and transparency through digitalization to recycled plastics. Oceanworks is based in the U.S. and offers a powerful platform for brands looking to reliably secure high-quality sources of ocean, ocean-bound, and averted PCR plastic (Post-consumer recycled products are made from recycled plastic and discarded materials.). For BVC this investment underlines BASF’s commitment to developing sustainable solutions to raise the transformation towards a circular economy to a new level.
Oceanworks, with its global marketplace for recycled plastic materials and products offers a sophisticated solution. The young company makes it easy for buyers to source recycled plastics likely to add to the 11 million tons of plastic flowing into the ocean each year. Digitized blockchain-based traceability, material quality assurance, global logistics and marketing support are part of Oceanworks’ offer for its customers and their partners.
BASF Venture Capital’s investment comes as a part of Oceanworks Series Seed financing, enabling the company to accelerate the development of its sourcing engine and track-and-trace verification for recycled ocean plastic. The parties have agreed not to disclose the financial details of the investment.
“Oceanworks’ traceability tools add real value to reducing plastic waste.” said Markus Solibieda, Managing Director of BASF Venture Capital. “With this investment and the collaboration with Oceanworks, we support BASF's goal of providing its customers with sustainable solutions to further improve the production, use and recycling of plastics.”
BASF and Oceanworks are now examining how they can join forces to promote the development of technologies that accelerate plastics recycling and bring these new traceable ocean plastic materials to global customers.
