Aether Industries has received reaffirmation in credit ratings for facilities availed aggregating to Rs 132.80 crore at ICRA A+ (long term rating) and ICRA A1 (short term rating). Powered by Capital Market - Live News

Novoloop, a leading plastic circular economy technology company, announced the successful startup of its pilot plant in India. In collaboration with Aether Industries, the pilot plant`s ground breaking in Surat was announced in January 2024. Construction was completed in March 2024 with astounding speed. The pilot plant has now passed equipment testing and solvent runs, and has achieved continuous operations with the usage of commercially-representative waste feedstock.This milestone marks the successful transition from batch reactions to an integrated and automated plant that validates Novoloop`s first-of-a-kind Lifecycling� technology. Novoloop`s Lifecycling� process transforms post-consumer polyethylene plastic waste into virgin-quality monomers for performance materials at a carbon footprint reduction of up to 91% when compared to the conventional process of producing adipic acid. Novoloop is a mission-driven company focused on creating scalable solutions for the hardest-to-recycle plastics. In recognition of the company`s potential for world-scale environmental impact, this pilot scaleup has received the support of Rolex as part of its Perpetual Planet Initiative.The primary objectives of the pilot plant are to demonstrate the safe and reliable operations of the integrated process, validate key equipment performance in an industrial environment, and achieve production of high purity products. The facility also provides a platform for training personnel and developing protocols for commercial operations. The plant will produce ton-scale samples to enable off-take commitments with early customers.Aether`s operational expertise is a strong asset and instills confidence in the potential for larger scale collaborations between the companies in the future. Novoloop`s plans to expand the pilot capacity to the full 70 metric tons per year demonstration plant scale are already underway. Powered by Capital Market - Live News

Aether Industries announced the appointment of Dr. James (Jim) W. Ringer as its new Chief Technology Officer (CTO) with effect from 01 March 2024.Powered by Capital Market - Live News

Net profit of Aether Industries declined 50.26% to Rs 17.43 crore in the quarter ended December 2023 as against Rs 35.04 crore during the previous quarter ended December 2022. Sales declined 7.04% to Rs 155.36 crore in the quarter ended December 2023 as against Rs 167.13 crore during the previous quarter ended December 2022. ParticularsQuarter Ended�Dec. 2023Dec. 2022% Var. Sales155.36167.13 -7 OPM %20.1628.30 - PBDT40.5250.26 -19 PBT30.1943.86 -31 NP17.4335.04 -50 Powered by Capital Market - Live News

Aether Industries has partnered with Novoloop, a leading plastic circular economy technology company to scale Novoloop`s Lifecycling� technology.This breakthrough technology transforms post-consumer plastic waste into virgin-quality monomers for the synthesis of virgin-quality, high performance materials such as the company`s Lifecycled� thermoplastic polyurethane. �The integrated pilot plant, mirroring our full-scale commercial process design, marks a pivotal advancement in technology readiness,� said Nedim Hasanbegovic, VP of Engineering at Novoloop. Equipped with industrially-applicable instrumentation, process controls, and safety systems, it will operate continuously confirming the reliability of this first-of-a-kind Lifecycling� process. This crucial step will demonstrate the technology in a real-world 24/7 operating environment, paving the way for full-scale production. Additionally, the operations at Aether will validate key technoeconomic aspects such as product yield and recovery rates, demonstrating the financial attractiveness of Novoloop`s proprietary technology.Novoloop`s Lifecycling� technology provides an economical and sustainable solution to hard-torecycle plastics. By using highly scalable mechanisms of oxidation to convert post-consumer polyethylene into useful monomers for durable materials, Novoloop expects to provide its products at prices competitive with fossil-based products. Furthermore, an ISO-compliant lifecycle assessment shows that Novoloop monomers can realize a carbon footprint reduction of up to 91% when compared to the conventional process of producing adipic acid.The project will unfold in phases, with the startup of initial operations commencing in Q1 2024 and culminating in a 70-metric ton annual plastic intake capacity by the end of 2024. This phased approach allows for meticulous data collection and optimization at each step, ensuring a robust and scalable operation. Products generated from this pilot plant will be made available to customers for trial and commercial release.Powered by Capital Market - Live News