Irving-based energy giant ExxonMobil recently announced it acquired green energy support company Materia for an undisclosed amount.
Materia was founded in 1999 out of the laboratories at the California Institute of Technology by Professor Robert Grubbs. In 2005, Grubbs was awarded the Nobel Prize in chemistry for his development of new chemical bonding processes. The company now focuses on developing polymer technology with commercial applications. Materia is based in Pasadena, California, and has a manufacturing facility in Huntsville.
According to a prepared statement by Exxon, both companies have been working together since 2017 to develop new hydrocarbon-based materials to strengthen their renewable energy infrastructure capabilities. New developments with Materia can improve green infrastructure, such as wind turbines, by making materials lighter and stronger.
“We are reimagining how new hydrocarbon-based materials can form the building blocks to help multiple industries achieve a more sustainable future,” said Karen McKee, president of ExxonMobil Chemical Company, a subsidiary of ExxonMobil. “This acquisition ties together Materia’s Nobel Prize-winning technology with ExxonMobil’s complementary proprietary technology and world-class manufacturing capabilities to bring this exciting new class of structural materials to commercial scale.”
Exxon’s partnership and later acquisition of Materia further emphasize Exxon’s commitment to reduce greenhouse gas emissions by 15 to 20 percent by 2025. Part of Exxon’s plan to reduce greenhouse gasses also includes investment in new technologies and the adoption of efficient manufacturing practices.
“The combination of Materia’s innovative culture, dedicated employees and cutting-edge technology with ExxonMobil’s expertise and scale in bringing new technology to market will open up an exciting new chapter for Materia,” Grubbs said in a prepared statement. “ExxonMobil’s acquisition significantly expands the growth opportunities for this unique technology.”