Covestro Paves the Way for Circular Economy with €100 Million Investment in R&D

Covestro Paves the Way for Circular Economy with €100 Million Investment in R&D

(IN BRIEF) Covestro has announced a €100 million investment aimed at enhancing its research and development (R&D) infrastructure over the next three years, targeting sustainable solutions and digital advancements. This initiative supports the company’s commitment to becoming fully circular and maintaining its competitiveness in a challenging market. Key projects include advancements in In-Mold Coating technology and the introduction of high-performance computing to accelerate research processes. Covestro also emphasizes the importance of chemical recycling, exemplified by the Evocycle® CQ mattress project, which recovers materials from used foams. Additionally, the investment will improve facilities in Leverkusen, Pittsburgh, and Shanghai, reflecting Covestro’s dedication to innovation across its global operations.

(PRESS RELEASE) LEVERKUSEN, 9-Oct-2024 — /EuropaWire/ — Covestro, a global leader in high-performance materials, has announced a substantial investment of approximately €100 million aimed at upgrading its research and development (R&D) infrastructure. This initiative is part of a three-year plan set to conclude in 2025, designed to bolster Covestro’s competitive edge in a challenging market environment. The company’s strategic focus is on future technologies that will accelerate the transition to a fully circular economy, supported by a comprehensive digitalization strategy in R&D.

Sucheta Govil, Chief Commercial Officer at Covestro, expressed, “Our commitment to R&D is central to our strategy of delivering value to our customers. This investment allows us to sustain a robust innovation pipeline, positioning us as the preferred partner for sustainable solutions that align with our clients’ climate-neutrality objectives. This global innovation boost is a significant step towards achieving our goal of complete circularity.”

Pioneering Digital Transformation in R&D

Covestro’s latest investments exemplify its commitment to innovation and collaboration across various business segments. One notable advancement is the enhancement of facilities for In-Mold Coating technology at their Leverkusen site and other key R&D locations. This modernization includes the implementation of end-to-end digitalization to collect process-related data effectively. Such innovations are crucial in the competitive automotive sector, as they lead to high-quality surface finishes that cater to the increasing demand for efficient vehicle production.

Additionally, the introduction of high-performance computing (HPCII) at the Leverkusen facility marks a significant technological leap, transforming it into an innovation incubator focused on the circular economy. These powerful computers facilitate the simulation of chemical processes, accelerating research and enhancing sustainability. For example, they are instrumental in foam processing simulations for refrigerators, contributing to energy efficiency and improved cooling chains in end products.

“Simulating chemical processes is vital for advancing recycling technologies and exploring new molecular classifications,” noted Torsten Heinemann, Head of Group Innovation & Sustainability at Covestro. “Laboratory digitalization significantly improves the quality and quantity of test data compared to traditional methods, allowing us to identify sustainable solutions more swiftly. Without digital R&D and simulations, advancements in recycling would be akin to searching for a needle in a haystack.”

Driving Innovations in Chemical Recycling

Covestro is committed to chemical recycling, especially for plastics that are challenging to recycle mechanically. This process allows for the recovery of significant quantities of original material. One such initiative is the Evocycle® CQ mattress project, where Covestro has partnered to develop a chemolysis technology that recovers essential components from flexible polyurethane foams in used mattresses, converting them back into useful polyurethane building blocks.

Global Infrastructure Enhancements

Recognizing that a robust infrastructure is critical for innovative research, Covestro’s investments include extensive modernization efforts at its laboratories in Leverkusen. These labs support application technologies for coatings and adhesives across core sectors like automotive and construction, as well as specialized fields such as medical applications.

In the United States, Covestro is also making significant upgrades to its R&D facilities at the Pittsburgh campus, reaffirming its commitment to this high-potential market. Meanwhile, the innovation center in Shanghai, China, has seen substantial investments in infrastructure and digital capabilities, aligning with the demand for leading solutions in the automotive and electronics sectors.

About Covestro:

Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, telecommunications and health, as well as in the chemical industry itself.

The company is geared completely to the circular economy. In addition, Covestro aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group’s Scope 3 emissions are also set to be climate neutral by 2050. Covestro generated sales of EUR 14.4 billion in fiscal year 2023. At the end of 2023, the company had 48 production sites worldwide and employed approximately 17,500 people (calculated as full-time equivalents).

Forward-looking statements

This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports, which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Media Contacts:

Petra Schaefer
Head of Corporate Messaging & Content CM&C
petra.schaefer@covestro.com
+49 172 6708 416

Sirin Emre-Flender
Corporate Channels & Media Relations
sirin.emre-flender@covestro.com
+49 162 733 0374

Liesa Weiße
Corporate Messaging & Content
liesa.weisse@covestro.com
+49 175 30 52131

SOURCE: Covestro