Sustainable plastic sourcing

1 min read

BASF Venture Capital GmbH, the corporate venture company of BASF Group, has invested in Oceanworks, a sustainable plastics specialist that makes it easier for buyers to source recycled plastics.

BASF Venture Capital’s investment comes as a part of Oceanworks Series Seed financing, enabling the company to accelerate the development of its sourcing engine and track-and-trace verification for recycled ocean plastic. The parties have agreed not to disclose the financial details of the investment.

“Oceanworks’ traceability tools add real value to reducing plastic waste,” said Markus Solibieda, Managing Director of BASF Venture Capital. “With this investment and the collaboration with Oceanworks, we support BASF's goal of providing its customers with sustainable solutions to further improve the production, use and recycling of plastics.”

One example of BASF’s commitment to reducing plastic waste in the environment is the Alliance to End Plastic Waste (AEPW). BASF supports the AEPW as a co-founding member since a collaborative effort of companies, governmental and non-governmental organizations as well as civil society is necessary to address the global challenge of mismanaged plastic waste.

“Plastic waste in the environment is a huge global challenge, and no one can tackle this alone. We need many different solutions and actors such as industry, politics and civil society working together. This is one of the reasons why BASF co-founded the Alliance to End Plastic Waste in 2019. To protect our planet’s resources, we need to transform the way we live and do business. Oceanworks is a great addition to achieve our ambitious targets,” said Dr. Martin Kayser, Senior Vice President Corporate Projects at BASF.

BASF and Oceanworks are now examining how they can join forces to promote the development of technologies that accelerate plastics recycling and bring these new traceable ocean plastic materials to global customers.

“Oceanworks is excited to partner with BASF to propel the growth of our new business model for responsible plastic sourcing backed by real-time, digitized shore-to-shelf traceability,” said Vanessa Coleman, CEO of Oceanworks. “We look forward to accelerating the reclamation of ocean plastic waste to fuel the circular economy.”