BASF Invests In Oceanworks, A Marine Plastic Recycling Company

BASF Venture Capital (BVC), the corporate venture capital arm of BASF Group, has recently announced an investment in Oceanworks, a U.S.-based startup focused on sustainable plastic solutions. The young American company leverages digital technologies to ensure traceability and transparency of recycled plastics. Its platform provides businesses with access to high-quality plastic sourced from the ocean, as well as so-called PCR (post-consumer recycled) plastic, made from recycled plastics and waste materials.

Oceanworks provides a mature solution through its global marketplace for recycled plastic materials and products. The company helps customers more easily procure recycled plastics, thereby reducing the 11 million tons of plastic waste that flows into the oceans each year. Its services cover digital blockchain technology, material quality assurance, global logistics support, and marketing assistance, providing comprehensive support to customers and their partners.

This BASF Venture Capital investment will support Oceanworks' seed funding round to accelerate the development of its plastic sourcing engine and enhance the end-to-end traceability and verification system for ocean-bound recycled plastics. Both parties have agreed not to disclose the specific investment amount.

Oceanworks' traceability tool offers tangible value in reducing plastic waste. Through this investment and collaboration, we will advance BASF’s goal of providing customers with sustainable solutions and further optimize the production, use, and recycling of plastics.— Markus Solibieda, Managing Director of BASF Venture Capital

Joint Technology Development​

BASF is committed to reducing plastic waste in the environment, and one of its initiatives is participating in the Alliance to End Plastic Waste (AEPW). BASF is one of the founding members of the alliance.

Plastic waste in the environment is a major global challenge that no single entity can address alone. We need collaborative efforts from industry, governments, and civil society, along with diverse solutions. This is one of the reasons why BASF co-founded the Alliance to End Plastic Waste in 2019. Oceanworks’ participation adds significant momentum toward achieving our ambitious goals.—Dr. Martin Kayser, Senior Vice President, Corporate Projects, BASF

Currently, BASF and Oceanworks are exploring how to collaborate on developing new technologies to accelerate the plastic recycling process and bring new traceable ocean plastic materials to global customers.

“We are delighted to collaborate with BASF to jointly advance this new business model—establishing a real-time, digital traceability system from coast to shelf to ensure stable and reliable procurement of plastics.”