The shares of Aether Industries was up by nearly 4 per cent on Thursday after the company announced signed a licence agreement with Saudi Aramco Technologies Company for the commercialization of the sustainable Converge polyols technology.
The company’s scrip rallied 7 per cent to touch a new-52 week high at ₹1,055.95 on BSE. Aether Industries stock closed 3.36 per cent up at ₹1,015 on BSE. On a year-to-date basis, the stock has surged 20 per cent , while it has gained 28 per cent in the past one year.
The agreement formally initiates Aether’s activities towards the manufacturing and commercialization at Aether of the Converge polyols technology and product series, the manufacturing process for which has been previously jointly developed and validated at pre-commercial scale by Aramco and Aether.
“We are excited to partner with Saudi Aramco Technologies Company to take the next step forward furthering commercialization of converge polyols. After working for several years collaboratively towards the development of the manufacturing technology for the Converge platform, we are happy to be chosen to commercialize the converge polyols,”said Aman Desai, promoter and director, Aether Industries.
“The Converge platform represents a novel and cutting-edge technology for the manufacture of more sustainable polyols that could contain up to 40 percent by weight carbon dioxide,” he added.
On 7 May, Aether Industries signed a Letter of Intent (LoI) with one of the top 3 leading global Oil Field Services companies based in USA towards the finalization of a strategic supplier and contract manufacturing partnership.
The LoI paves the way for the execution of a Strategic Supply Agreement (SSA) between the two companies within 3 months of the LoI execution. The LoI specifies 4 strategic products of the new customer that will be contract manufactured by Aether as the first set of products in this new partnership
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Updated: 09 Jun 2023, 03:24 PM IST