Sabic, Molecular sign JV agreement to develop nanomaterials

Saudi Basic Industries Corp. (Sabic), the largest listed company in Saudi Arabia, and Texas-based Molecular Rebar Design, LCC, have signed a joint venture agreement to develop and commercialize nanomaterials for select markets and applications, the company said in a statement obtained by Argaam.

The joint venture, Black Diamond Structures LTD, will develop applications in energy storage, energy generation, automotive and light truck, consumer electronics, and construction using technology developed by Molecular.

Molecular Rebar Design’s research focuses on developing and commercialization of clean carbon nanotubes known as Molecular Rebar.

Sabic, the petrochemical giant, is 70 percent-owned by the Saudi government.