SABIC acquires majority stake in US nanotech firm

Petrochemical producer Saudi Basic Industries Corp (SABIC) has acquired a majority stake in Black Diamond Structures (BDS), a Texas-based nanotechnology company established in 2014.

BDS will be part of SABIC’s specialties business, the statement from the company said.

“The carbon nanotube technology of BDS will allow SABIC to address several demanding challenges in the energy storage market,” Alan Leung, vice president of Specialties at SABIC, said.

“Adding Molecular Rebar technology to SABIC’s portfolio will open new opportunities beyond the energy storage market and unleash innovations in material science for enhancing the properties of specialty resins and functional compounds,” Leung further added.

“The technology will play an effective role in the downgauging and downsizing of new battery designs. This not only meets global demand for lighter batteries in the hybrid and electric vehicles market, but also reduces battery production costs,” BDS CEO John Hacskaylo said.