Page 166 - CW E-Magazine (10-12-2024)

News from Abroad

TOUGH TIMES
German 3D printing fi rm Forward AM fi les for

insolvency

Forward AM, a German 3D printing collaboration of partners and investors, announced a management buyout that
fi rm, has fi led for insolvency with the Forward AM can secure new invest- would see Forward AM Technologies
District Court of Heidelberg, where it is ments and build a stronger foundation split from BASF.
headquartered. for sustainable growth.
Recently, France-based high-per-
Despite the insolvency fi ling, For- The court appointed attorney Tobias formance polymer supplier Kimya said
ward AM said it remains committed to Wahl, a partner at Anchor Rechtsan- it was exiting the 3D printing industry.
fulfi lling all existing and new orders, wälte, as the preliminary insolvency A statement issued by parent company,
ensuring uninterrupted support for its administrator. Mr. Wahl has already be- the Armor Group, expressed regret for
customers and partners. The company gun evaluating the company’s fi nancial the closure of Kimya fi lament produc-
clarifi ed that its local entities are not and operational standing, initiating dis- tion and additive manufacturing busi-
part of the insolvency process and will cussions with employees and business ness launched with enthusiasm in 2017.
continue business as usual, focusing on partners to devise a comprehensive
the manufacturing and distribution of plan for the company’s future. In 2023, Brazilian chemical com-
materials. pany Braskem spun out its 3D printing
Forward AM was launched in 2017 fi lament business into a new company,
Forward AM’s CEO, Mr. Martin as part of BASF. The company’s mate- Xtellar. In June 2024, the company
Back, expressed confi dence in the com- rial portfolio includes fi lament, powder, announced, “Braskem has decided to
pany’s ability to navigate the transition and photopolymers. Earlier this year, discontinue the Xtellar operation and
successfully. He believed that with the the management team at Forward AM its associated products indefi nitely.”

BUSINESS STRATEGY
ADNOC launches lower-carbon energy and chemicals

investment company

UAE energy major, ADNOC, has 15% increase in global natural gas
announced the launch of XRG, a low- demand over the next decade, as a
er-carbon energy and chemicals invest- lower carbon transition fuel, as well
ment company, with an enterprise value as meet the expected 65% increase
of over $80-bn. in demand for LNG by 2050.
 A low carbon energies platform
ADNOC said XRG aims to more that will invest in solutions needed
than double its asset value over the next to meet increasing demand for low
decade by capitalising on demand for carbon energies and decarbonisa-
low-carbon energy and chemicals driven  A chemicals platform that aims to tion technologies to drive economic
by three megatrends: the transformation be a top 5 global chemicals player, growth through the energy transi-
of energy; exponential growth of AI; producing and delivering chemical tion. The market for low carbon
and the rise of emerging economies. and specialty products, to meet the ammonia alone is expected to grow
projected 70% increase in global by between 70-90 mtpa by 2040,
The independently operated invest- demand by 2050. from close to zero now.
ment company will initially focus on  A gas platform that will build a
developing three core strategic value world-scale integrated gas port- XRG will formally commence
platforms: folio to help meet the anticipated activities in Q1 2025, ADNOC said.

166 Chemical Weekly December 10, 2024

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