The Chem Ledger #16: Oxyle’s $16M for PFAS-Free Water, Philips’ AI-CMR Imaging, NTPC’s CO₂ Battery, Mattiq’s Push for Low-Iridium Hydrogen and more
In this edition of The Chem Ledger, I cover Oxyle’s $16M funding to tackle PFAS pollution, Philips’ AI-powered leap in cardiac imaging, NTPC’s CO₂ battery project, and LyondellBasell’s HDPE expansion. Plus, a look at AI-driven drug discovery and Mattiq’s push for low-iridium hydrogen catalysts. Stay updated on the latest breakthroughs in the chemical and allied industries.
Energy
Energy Dome's CO₂ Battery operates through a closed thermodynamic cycle, manipulating CO₂ between its gaseous and liquid phases. This process allows for efficient energy storage and release. (Source: Energy Dome)
NTPC (National Thermal Power Corporation), India's largest integrated power generation company, is set to deploy a CO2 battery energy storage project in collaboration with Energy Dome. This project will be located at the Kudgi power plant in Karnataka, India, and will have a capacity of 160 MWh. The technology developed by Energy Dome utilizes CO2 to store energy. In this system, CO2 is compressed into a liquid state, and when energy is needed, it is allowed to expand, turning a turbine to generate electricity. The project has been awarded to Triveni Turbine, which will execute it on a turnkey basis.
Petrochemicals
LyondellBasell has been selected by the Indian Oil Corporation Ltd. (IOCL) to provide its Hostalen Advanced Cascade Process (Hostalen ACP) technology for a new high-density polyethylene (HDPE) plant. This facility will have a production capacity of 500 kilotons per year (kta) and is set to be located at the Paradip refinery complex in India. The new plant will utilize LyondellBasell's proprietary catalysts, specifically the LYB Avant Z501 and Avant Z509-1, to manufacture a diverse range of HDPE products.
Pharma
- Acellera Therapeutics and Psivant Therapeutics have announced a strategic research collaboration aimed at enhancing drug discovery through computational approaches. This partnership focuses on utilizing artificial intelligence (AI) and quantum simulations to accelerate the development of small-molecule drug candidates. Acellera's AceForce technology, which utilizes neural network potentials for accurate protein-ligand potency predictions, will be combined with Psivant's QUAISAR platform that employs quantum mechanics, molecular dynamics, and AI for simulating protein motion and predicting drug properties. The collaboration is co-financed by the European Regional Development Fund (FEDER).
- TME Pharma has partnered with aimed analytics to enhance AI-driven drug discovery and optimization. TME Pharma focuses on developing therapies targeting the tumor microenvironment, with ongoing clinical trials for its lead drug candidate, NOX-A12, in aggressive cancers.
- Lantheus Holdings, Inc. has announced its acquisition of Evergreen Theragnostics, a clinical-stage radiopharmaceutical company. The deal involves an upfront payment of $250 million, with the potential for an additional $752.5 million in milestone payments, bringing the total possible value of the transaction to up to $1 billion. This acquisition is part of Lantheus's strategy to enhance its capabilities as a fully integrated radiopharmaceutical company, focusing on contract development and manufacturing (CDMO) services, as well as drug discovery and commercialization. This transaction is expected to close in the second quarter of 2025.
Decarbonization
Mattiq has announced a strategic partnership with Heraeus Precious Metals to advance the development of electrocatalyst materials, particularly focusing on low-iridium catalysts. This collaboration aims to expedite the traditional R&D to commercialization timeline, which is crucial for enhancing efficiency and reducing the costs associated with green hydrogen production. The partnership leverages Mattiq's electrochemical solutions and Heraeus's expertise in precious metals to address supply constraints and improve the sustainability of catalyst materials.
Biotech
Liberation Labs, a US biotech manufacturing firm, has raised $50.5 million through a convertible note to support the construction of large-scale precision fermentation facilities. This funding will contribute to the completion of their first biomanufacturing plant located in Richmond, Indiana. The total capital raised by the company now amounts to $125 million, which includes $31.5 million from this latest round and $19 million from previous insider bridge notes. Key investors in this funding round include the NEOM Investment Fund, Galloway Limited, and Meach Cove Capital, among others.
Water Treatment
Swiss startup Oxyle has secured $16 million in seed funding to enhance its water treatment technology aimed at effectively destroying harmful PFAS (per and polyfluoroalkyl substances) from wastewater. This funding follows a previous $3 million pre-seed round in 2022. The company has already established its first commercial installation, which is operational, and is currently in the process of securing multi-year treatment contracts for 2025 and beyond. Oxyle's technology has demonstrated significant efficacy in trials, eliminating up to 98% of short-chain PFAS and reducing concentrations of trifluoroacetic acid (TFA) by 96%.
Instrumentation
Waters Corporation announced the launch of its TGA Smart-Seal™ Pans designed to facilitate the thermogravimetric analysis of atmosphere-sensitive materials in standard lab environments. These self-opening pans allow for the preparation and sealing of air-sensitive materials in a completely airtight environment, which can enhance throughput. The pans utilize a proprietary temperature-sensitive shape memory alloy that automatically opens at approximately 55 oC, ensuring samples remain protected from ambient conditions during analysis.
Imaging
Philips has partnered with Myocardial Solutions to enhance AI-enabled cardiac magnetic resonance (CMR) imaging. The partnership aims to facilitate the early identification of heart dysfunction, especially in cancer patients who are at risk of cardiotoxicity due to their treatments. This is achieved through tools like the Fast-SENC MRI acquisition sequence and the MyoStrain analysis tool, which can detect subtle changes in heart function across multiple segments of the heart.
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