Adaptive Surface Technologies Announces Corporate Partnership with SABIC for Sustainable Packaging Development and New Funding Round

CAMBRIDGE, Mass, September 29, 2020 — Adaptive Surface Technologies, Inc. (AST), a Cambridge, MA-based industrial technology company that produces the SLIPS® line of materials and coatings used for a wide range of industrial, marine, and medical repellency applications, today announced that it has entered into an IP licensing partnership with global chemical manufacturer SABIC for development of consumer packaging products. The agreement covers mutual intellectual property for AST’s SLIPS® Zero line, which enables consumer brands to create novel packaging designs for viscous liquid products.

“We are delighted to announce our collaboration with SABIC to develop enhanced packaging performance in our SLIPS® Zero product range, as well as working on joint customer opportunities with SABIC’s broad network of packaging raw material customers,” said David Ward, Chief Executive Officer of Adaptive Surface Technologies.

The SLIPS® Zero system allows for complete emptying and cleaning of the package, resulting in less waste, improved recyclability, and potential reusability. AST and SABIC will also collaborate on commercial opportunities, as SABIC and its customers continue to pursue sustainable consumer packaging solutions.

AST also announced that it has raised a new round of equity financing. The new funding comes from existing investors, including industrial technology investment firm Anzu Partners, and underlines the progress that the company has made in 2020 despite the impacts of the COVID-19 pandemic. AST recently announced it was awarded a $500,000 U.S. Air Force AFWERX SBIR Phase II contract for the development of ice-phobic coatings for military aviation.

AST’s corporate investors include Tokyo Electron Ventures and BASF Venture Capital.

For more information Adaptive Surface Technologies and its products, please visit https://adaptivesurface.tech.

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About Adaptive Surface Technologies
A world leader in repellent surfaces, Adaptive Surface Technologies, Inc. is a Cambridge, MA-based industrial technology company that produces the SLIPS® line of materials and coatings used for a wide range of industrial, marine, and medical applications. Our innovative coatings and cleaning maintenance systems create a slippery, fully liquid layer on surfaces that repel fluids, contaminants, and biological fouling agents. For more information, visit https://adaptivesurface.tech.

About SABIC
SABIC is a global leader in diversified chemicals headquartered in Riyadh, Saudi Arabia. We manufacture on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.

We support our customers by identifying and developing opportunities in key end markets such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy.

SABIC recorded a net profit of US$ 1.5 billion in 2019. Sales revenues for 2019 totaled US$ 37.3 billion while total assets stood at US$ 82.6 billion. Production in 2019 was 72.6 million metric tons.

SABIC has more than 33,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, we have 12,540 global patent filings, and have significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia.

Adaptive Surface Technologies and Hafnia Partner for Vessel Testing of High Performance, Environmentally Beneficial Anti-Biofouling Marine Coating

CAMBRIDGE, Mass, September 15, 2020 — Adaptive Surface Technologies, Inc. (AST), a Cambridge, MA-based industrial technology company that produces the SLIPS® line of materials and coatings used for a wide range of industrial, marine, and medical repellency applications, today announced that it is partnering with Hafnia, a leading oil product tanker company, for on-vessel tests of its Foul Protect™ line of marine coatings.

“Based on our success in 2019 launching a product for recreational vessels, we are delighted to be partnering with Hafnia to validate our technology for the commercial market,” said David Ward, Chief Executive Officer of Adaptive Surface Technologies. “By significantly reducing biofouling, SLIPS® Foul Protect™ is bringing scalable benefits to commercial vessels in terms of fuel efficiencies, drag reduction and environmental impact.”

AST’s SLIPS® Foul Protect™ is an entirely new kind of marine bottom paint for vessels of all sizes, that solves the persistent problem of biofouling. It creates an ultra-smooth, slippery surface that deters attachment of hard fouling. Unlike many existing marine paints on the market today, SLIPS® Foul Protect™ does not contain any biocides and is environmentally friendly. Reducing drag through both the reduction of biofouling growth and the coatings’ smooth surface leads to the lowest fuel costs in operation and lowest carbon dioxide (CO2) emissions.

With multiple years of AST’s technical field testing already completed, real-life data from commercial vessels as they transit different regions of the globe is a key final step in the adoption process for SLIPS® Foul Protect™ for vessel operators. Hafnia’s commitment to decarbonizing shipping via novel technology adoption makes it a natural partner for AST in what historically has been a conservative industry.

The partners were introduced through Rainmaking Singapore’s Decarbonizing Shipping innovation program; Hafnia was a launch partner for the program and AST was selected as a finalist through a competitive process. “We are impressed with AST’s test results and looking forward to see how they fare on large vessels,” said Shanker Pillai, Head of Innovation at Hafnia.

For more information Adaptive Surface Technologies and its products, please visit https://adaptivesurfac.wpengine.com.

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About Adaptive Surface Technologies
A world leader in repellent surfaces, Adaptive Surface Technologies, Inc. is a Cambridge, MA-based industrial technology company that produces the SLIPS® line of materials and coatings used for a wide range of industrial, marine, and medical applications. Our innovative coatings and cleaning maintenance systems create a slippery, fully liquid layer on surfaces that repel fluids, contaminants, and biological fouling agents. For more information, visit https://adaptivesurfac.wpengine.com.

About Hafnia
Hafnia is one of the world’s leading oil product tanker owners and operators. Hafnia provides transportation of oil and oil products to leading national and international oil companies, major chemical companies, as well as trading and utility companies. Hafnia operates a fleet of 187 vessels in pools including newbuilds, of which 105 are owned or chartered-in, including six owned LR2s, 36 owned and chartered-in LR1s, 49 owned and chartered-in MRs and 13 owned Handy vessels. The Company has a net asset value in excess of USD 1bn and is fully financed with a strong balance sheet providing financial flexibility.

Hafnia has a strong history and reputation in chartering, operations and technical management and strives to offer customers the best integrated solution for their transportation needs. Hafnia is committed to maintaining high environmental, social and governance standards. The company has a global presence with offices in Singapore, Copenhagen and Houston and Mumbai.

Hafnia is affiliated with the BW Group, an international shipping organization that has worked in oil and gas transportation, floating gas infrastructure, environmental technologies and deep-water production for over 80 years, with six publicly listed affiliates.