TCL #21: Carbon Fiber Circularity, $6.7B Arcadium Lithium Acquisition, ADNOC & OMV's Polyolefins Merger
Plus, Epoch BioDesign’s $18.3M Series A, Honeywell’s $2.16B Sundyne acquisition & more.
Stay updated on the latest developments in the chemical and allied industries.
Materials

- Syensqo and Vartega are collaborating to advance the circularity of carbon fiber composites. This collaboration aims to create an ecosystem for reusing post-industrial recycled carbon fiber in high-performance applications. Vartega will convert Syensqo's carbon fiber waste into EasyFeed Bundles™ for integration into Syensqo's ECHO portfolio. The collaboration targets applications in the automotive industry, including structural parts and dampening rings.
- Rio Tinto has completed its acquisition of Arcadium Lithium for $6.7 billion. Arcadium Lithium will be renamed Rio Tinto Lithium and include the Rincon Lithium Project. Rio Tinto Lithium aims to increase its production capacity to over 200,000 tonnes per year of lithium carbonate equivalent (LCE) by 2028. Shareholders of Arcadium Lithium have approved the deal and will receive $5.85 per share. Arcadium Lithium's shares will then be delisted from the NYSE and ASX.
Carbon Capture
TDK Ventures has invested in Spiritus, a company focused on carbon dioxide removal using direct air capture (DAC) technology. Spiritus has raised $30 million in Series A funding, with TDK Ventures participating in the round led by Aramco Ventures, along with Khosla Ventures and Mitsubishi Heavy Industries. Spiritus plans to establish a pilot in New Mexico and a larger project in Wyoming.
Recycling

- Epoch BioDesign, based in London, UK, has closed an $18.3 million Series A funding round. The funding will be used to scale up the company's textile biorecycling solutions, with plans to construct a commercial-scale plant. The company is using enzymes to make recycled plastics cheaper than virgin materials, aiming to transform the environmental and economic landscape of the industry.
- Radical Dot, a climate deep tech startup based in Munich, has secured €2.7 million (approximately $2.9 million) in pre-seed funding. The funding round was co-led by UVC Partners and Visionaries Tomorrow. The company is focused on developing a chemical recycling technology aimed at transforming plastic waste and is developing a chemical recycling prototype at the Technical University of Munich (TUM). The company targets processing up to 20% of global plastic waste, potentially reducing over 500 million tons of CO2e annually.
- Lummus Technology and Resynergi have partnered to offer a microwave pyrolysis technology that converts plastic waste into reusable materials. Lummus invested in Resynergi to scale this technology. The microwave pyrolysis process significantly reduces CO2 emissions compared to conventional polymer production. The technology produces pyrolysis oil that meets refinery standards for chemical recycling.
Petrochemicals
ADNOC and OMV have agreed to merge their polyolefins businesses and will acquire NOVA Chemicals for $13.4 billion from Mubadala Investment Company. The merged entity, Borouge Group International, is expected to become the world's fourth-largest polyolefins producer. The deal is expected to be finalized in Q1 2026.
Process Industry
Honeywell has agreed to acquire Sundyne from Warburg Pincus for $2.16 billion in an all-cash transaction. The acquisition is expected to close in Q2 2025. Sundyne, based in Colorado, USA, designs, manufactures, and supports industrial pumps and compressor products for various fluid and gas industries. Honeywell expects this acquisition to expand its Energy and Sustainability Solutions business, strengthen its process industry brand and create opportunities for aftermarket services.
Construction
Baumit has partnered with Celanese to utilize carbon capture technology in creating sustainable façade plaster and paint solutions. The collaboration aims to convert industrial CO2 emissions into chemical raw materials for binders used in Baumit's products.
AgriTech
AgZen has closed a $10 million Series A funding round. This round was led by DCVC Bio, with participation from Material Impact, which also led the previous seed round of $3.5 million in 2022. AgZen, based in Massachusetts, USA, focuses on improving agricultural spraying practices. They develop systems that help growers achieve better pest control and yields while using fewer chemicals. AgZen's technology includes a bolt-on system compatible with any sprayer, regardless of brand or configuration. Their RealCoverage system actively monitors leaf coverage during spraying, providing insights and adjustments to optimize droplet behavior.
Biotech
TRIMTECH Therapeutics has raised $31 million in seed funding to advance its targeted protein degradation (TPD) technology for treating neurodegenerative diseases. The round was led by Cambridge Innovation Capital and SV Health Investors Dementia Discovery Fund, with participation from M Ventures and Pfizer Ventures. The funds will support the development of TRIMTECH's pipeline focused on treatments for severe neurogenerative and inflammatory disorders, including Alzheimer's and Huntington's diseases.
Specialty Chemicals
Sudarshan Chemical Industries Limited (SCIL) has completed the acquisition of the Heubach Group, which is based in Germany. The acquisition was made through Sudarshan's wholly-owned subsidiary, Sudarshan Europe B.V. The acquisition combines both an asset and share deal, enhancing SCIL's global presence with operations across 19 sites worldwide. This merger creates a comprehensive pigment portfolio utilizing advanced technologies. The combined company will have a market presence in Europe and the Americas, offering pigment solutions.