The letter of intent (LoI) captures the preliminary terms regarding the finalization of a detailed licensing polyols agreement towards the manufacturing and commercialization at Aether of the Converge technology and product series, the manufacturing process for which has been previously jointly developed and validated at commercial scale by Aramco and Aether.

The Converge platform represents a technology for the manufacture of more sustainable polyols containing up to 40% by weight carbon dioxide; these are a differentiated series of polyols that improve performance in CASE (coatings, adhesives, sealants, elastomers) applications while reducing the carbon footprint compared to industry standard polyols.

The letter of intent (LoI) also captures the next set of important milestones including a joint press release between Saudi Aramco Technologies Company and Aether for the finalized licensing agreement as well as yet another potential joint press release between Saudi Aramco Technologies Company, Aether, and another partner announcing the first commercial product launch incorporating the polyol technology.

This initial commercialization is building on the momentum and Converge efforts to find performance enhancing and sustainable alternatives in the CASE industry.

Aether Industries is a specialty chemical manufacturer in India focused on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies.

The specialty chemicals maker reported 37.94% surge in consolidated net profit to Rs 35.04 crore on 10.48% increase in revenue from operations to Rs 167.13 crore in Q3 FY23 over Q3 FY22.

The scrip jumped 4.43% to end at Rs 904.90 on the BSE yesterday.

The domestic stock market is shut today, 30 March 2023, on account of Ram Navami.