2003-07-24 Cologne, July 24, 2003 - Solvent Innovation today announced that it has successfully completed its growth financing deal with DEGUSSA AG and Technologie Beteiligungsgesellschaft mbH der Deutschen Ausgleichsbank. "The belief of one of Germanys largest chemical companies in Solvent Innovations AIMFEETM-technology reflects our strong position in the field of ionic liquids. This financial backing and the strategic partnership with DEGUSSA will allow us to strengthen our position as a leading supplier and pre-eminent partner to our customers in ionic liquid technology. Furthermore, the proceeds of this round will enable Solvent Innovation to accelerate further pipeline products and projects." said Dr. Claus Hilgers, CEO, President and Co-Founder of Solvent Innovation. Dr. Alfred Oberholz, Degussa Management Board Member with responsibility for Research and Development, states, "The purpose of the strategic partnership that we have entered with Solvent Innovation is to obtain ionic liquids as a new product category for large scale production applications." Degussa regards the future-oriented technology as holding a great deal of potential and aims to produce and market ionic liquids as specialty chemicals, particularly for technical applications such as pigment-sensitized solar cells, high-capacity batteries, fuel cell membranes, plastics additives, and special functional coatings. Solvent Innovation is a leading supplier in the development, production and marketing of ionic liquids and applies its integrated proprietary AIMFEETM-technology to develop economically more efficient and ecologically friendly methods of producing and purifying pharmaceuticals, chemicals and fuels. Solvent Innovation was founded in 1999 by Prof. Peter Wasserscheid and Dr. Claus Hilgers and is based in Cologne, Germany.
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