(MENAFN - Arab News) Sabic and lockheed martin have announced the launching of a partnership to explore the establishment of a new joint venture company in saudi arabia to develop carbon nanostructure materials for a variety of end markets and applications.
under a newly signed memorandum of understanding (mou) sabic and lockheed martin will coordinate on the development industrial validation testing scale-up production and sale of carbon nanostructure materials and carbon nanostructure infused products.
commenting on the joint venture ernesto occhiello sabic executive vice president technology and innovation said the memorandum was part of an initiative to develop new specialty-based business opportunities for sabic and develop higher value-added businesses in saudi arabia.
'we are happy that lockheed martin has shown their intention to share their newly developed technology with sabic. an innovative partner like lockheed martin is indeed valuable to us and we hope the initiative will be the beginning of a longer term relationship with the company."
a carbon nanostructure is a cross-linked and highly entangled arrangement of carbon nanotubes on a base material. carbon nanostructures can be grown at scale on various substrates and formed into materials with superior structural and conductive properties.
'we believe the combination of lockheed martin's advanced nanotechnologies with sabic's premier capabilities will lead to exciting opportunities for innovative new materials" said dale bennett executive vice oresident of lockheed martin mission systems and training.
'as we partner with sabic lockheed martin is proud to expand our nearly 50 year relationship supporting the kingdom's people industry government and academia."