Security Matters, Ltd and BASF sign a binding joint development agreement to develop solutions for plastics traceability and circularity.
Leveraging BASF and Security Matters' Experience
In their cooperation, Security Matters and BASF aim to offer a solution for recycled plastic that loses its mechanical performance properties and quality compared to virgin plastic due to polymer degradation and residual impurities. Security Matters will contribute its technology to enable physical and digital tracking of closed loop recycling, authenticate sustainability claims and improve sorting of plastic waste.
The partnership leverages BASF’s extensive experience in plastic additives, regulatory know-how, and understanding of the plastics value chain. Both companies will also combine their research & development capabilities and required resources as part of the agreement.
Security Matters will provide its track and trace solution that marks physical objects with a unique and unalterable chemical-based barcode and connects them to a digital twin. The barcode withstands manufacturing and recycling processes, without altering the appearance or performance of the object. Using proprietary technology, the barcode captures a wide variety of information embedded in the plastic and can be used for closing the plastic loop.
Progressing Towards a Circular Economy
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To tackle the global challenge, we have to rethink plastic applications with their end of life in mind. It is essential to progress towards a circular economy approach that closes the loop on end-of-life resources and allows us to recover and recycle plastics as efficiently as possible,” said Achim Sties, senior vice president, performance chemicals Europe, BASF SE.
The game-changing technology could capture information of the polymer and how the plastic moves through the entire production and distribution process. The two companies will be able to devise an appropriate additive package for their customers and other players in the value chain using recycled material to capture more material value and increase resource productivity.
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We are honored to be working with BASF. This collaboration is the first step in demonstrating how our technology can be used in a circular application. By providing transparency of product lifecycles, we can create an entire technology-driven ecosystem that promotes circularity and sustainability for plastics. Together we can accelerate the progress of the plastic industry towards a more innovative, resilient and productive economy,” said Haggai Alon, founder and chief executive officer, Security Matters, Ltd.
Source: BASF