The Letter of Intent captures the preliminary terms regarding the finalization of a detailed licensing agreement towards the manufacturing and commercialization at Aether of the Converge® polyols technology and product series, the manufacturing process for which has been previously jointly developed and validated at pre-commercial scale by Aramco and Aether.

The Converge® platform represents a novel and cutting-edge technology for the manufacture of more sustainable polyols that could contain up to 40% by weight carbon dioxide; these are a differentiated series of polyols with promising applications in the CASE (coatings, adhesives, sealants, elastomers) field, with the potential of reducing the carbon footprint compared to industry standard polyols.

The Letter of Intent 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 successful validation of the Converge® polyol technology in a product application, with the potential for a first commercial product launch. This initial commercialization is building on the momentum and efforts to find performance enhancing and sustainable alternatives in the CASE industry.