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[September 2006]
Solvay Joins Advanced Materials Venture Capital Fund
Solvay SA (Brussels, Belgium) has announced that it has joined Pangaea Ventures Fund II, LP, a Vancouver, Canada -based venture capital fund focused on advanced materials, including nanotechnology, energy and environmental technology. Solvay will contribute an undisclosed amount of capital to the fund, whose lead investors also include BASF and Ciba Specialty Chemicals.
Solvay's says its commitment reflects its strategy to foster new business opportunities in information and communications technologies (ICT). The group's principal areas of interest in next-generation ICT materials include light-emitting polymers, electricity conductive polymers and conductive inks.
In addition to its own in-house research efforts, Solvay explores the development of new activities through venturing and partnerships with pioneering research organisations. The group has recently concluded an agreement with the Georgia Institute of Technology's Center for Organic Photonics and Electronics (COPE) to fund research in organic light-emitting diodes (OLEDs). As for venturing, the participation in funds and subsequent investment in pioneering growth companies gives Solvay essential insight into the most recent developments of ground-breaking markets and technologies.
"We are confident that our participation in Pangaea Ventures Fund will stimulate the further development of Solvay's new advanced materials activities, through close contact with innovation in North America," commented Léopold Demiddeleer, Corporate R&D and New Business Development Director, Solvay. "Our intention is to build a long lasting partnership to reinforce Solvay's advanced materials platform in information and communications technologies – which we identified as a key area of development for the Group," he added.
Pangaea Ventures is a venture capital firm that invests in early-stage advanced materials, energy and environmental technologies and nanotechnology companies. It has broad domain expertise in these areas and works closely with its portfolio companies. It has offices in Vancouver and New Jersey and makes investments across the United States and Canada.
www.solvay.com
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