XOM Exxon Mobil Corp

By Josh Beckerman

Exxon Mobil Corp.'s ExxonMobil Chemical Co. has acquired Materia Inc., which makes Proxima thermoset resins used in industries including oil and gas, chemicals, automotive and renewable energy.

ExxonMobil Chemical and Materia have collaborated since 2017 on "new hydrocarbon-based materials that are stronger, lighter and more durable than existing thermoset products such as epoxy." ExxonMobil Chemical said that "in the wind power industry, these benefits could enable the design of longer, more durable wind turbine blades," and said the materials could be used to replace steel in certain construction applications.

The deal includes Materia's headquarters and technology center in Pasadena, Calif., and its manufacturing facility in Huntsville, Texas. The sale price wasn't mentioned in a press release.

Materia's areas of focus include subsea insulation materials used in energy production. The company's website says its "thermosetting cross-linked hydrocarbon polymer maintains structural integrity in deepwater operating environments as an incompressible solid at water depths greater than 10,000 feet." Discussing its wind energy-related technology, the company says its resins "can enable lighter, longer, and stronger" turbine blades and says its thermosets are "ideal for thick parts, such as spar caps."

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

December 07, 2021 14:20 ET (19:20 GMT)

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