AKRON, Ohio, Feb. 20, 2017 /PRNewswire/ -- A. Schulman, Inc. (Nasdaq: SHLM), a leading international supplier of high-performance plastic compounds, masterbatches, powders and resins, today announced that A. Schulman Inc. and Adsorbed Natural Gas Products, Inc. (ANGP) have reached an agreement whereby A. Schulman will join the coalition with ANGP to develop and produce the world's first commercially viable conformable Type IV adsorbent-based low pressure natural gas (ANG) storage tank for motor vehicles.
In February 2016, ANGP and United Technologies Research Center (UTRC) announced an exclusive licensing agreement allowing ANGP to use UTRC's patent-pending technology to develop and produce storage tanks. A. Schulman will join the coalition as the material and molding solution provider to help develop a storage tank that meets the American National Standards for Natural Gas Vehicle Container (ANSI NGV2) certification. With A. Schulman's Quantum carbon fiber composite technology, A. Schulman was chosen as a key participant in developing this advanced storage system.
ANGP received the prestigious 2016 Frost & Sullivan New Product Innovation Award for Gas Storage for Natural Gas Vehicles (NGVs). The on-board, low-pressure adsorbed natural gas storage system developed by ANGP and its technology partners was recognized as an innovative, game-changing solution in the light duty vehicles (LDVs) fueling market.
"We are honored to receive an invitation to join the coalition and look forward to developing the world's first commercially viable natural gas storage tank to meet the needs of our end customers for innovative, light-weight and environmentally friendly products," said Frank Roederer, senior vice president and general manager, US & Canada and Engineered Composites, A. Schulman, Inc.
"A. Schulman, as a leading material solutions company, was selected to be the material and molding solution provider for the development of the tank after a careful review of all our options. We are excited to add the company's knowledge and expertise to our coalition to develop this technology for mass market acceptance," said Bob Bonelli, ANGP co-founder and chief executive officer.
"ANGP has done a tremendous job in demonstrating the value proposition for this technology. By pulling together all the coalition members, ANGP has leveraged each company's unique skill set to help develop the most robust and cost effective solution," commented Doug Gries, global marketing director, A Schulman, Inc. "Our carbon fiber material technology is uniquely suited to meet the challenges in the automotive market."
About A. Schulman, Inc.
A. Schulman, Inc. is a leading international supplier of high-performance plastic compounds and resins headquartered in Akron, Ohio. Since 1928, the Company has been providing innovative solutions to meet its customers' demanding requirements. The Company's customers span a wide range of markets such as packaging, mobility, building & construction, electronics & electrical, agriculture, personal care & hygiene, sports, leisure & home, custom services and others. The Company employs approximately 4,800 people and has 54 manufacturing facilities globally. A. Schulman reported net sales of approximately $2.5 billion for the fiscal year ended August 31, 2016. Additional information about A. Schulman can be found at www.aschulman.com.
As the innovation hub of United Technologies Corp. (UTC), United Technologies Research Center (UTRC) supports the development of new technologies and capabilities across the company and collaborates with external research organizations, universities and government agencies globally to push the boundaries of science and technology. Further, UTRC leads the monetization of UTC's intellectual property through business model innovation. UTRC is headquartered in East Hartford, Connecticut, with additional operations at its affiliate in Berkeley, California, and its subsidiaries in Shanghai, China; Rome, Italy; and Cork, Ireland. UTC, based in Farmington, Connecticut, provides high technology systems and services to the building and aerospace industries. Find out what it means to Be Curious at www.utrc.utc.com.
Adsorbed Natural Gas Products, Inc. (ANGP) designs, develops and manufactures on-board low pressure adsorbed natural gas (ANG) storage technology, and related products, for all classes of motor vehicles. The unique ANGP business model of working through a coalition of major corporations, each with specific competencies and global infrastructure, assures the market of the best combination of science, technology and manufacturing. ANGP has one main objective: to be the leading motor vehicle ANG technology company, providing products that are disruptive, enabling and manufactured to the highest standards of safety, performance and reliability. For more about ANGP please visit www.angpinc.com.
Ingevity: Purify, Protect and Enhance
Ingevity (NYSE: NGVT) provides specialty chemicals and high-performance carbon materials and technologies that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, printing inks and automotive components that reduce gasoline vapor emissions. Through a team of talented and experienced people, Ingevity develops, manufactures and brings to market products and processes that purify, protect and enhance the world around us. Headquartered in North Charleston, S.C., Ingevity operates from 25 locations around the world and employs approximately 1,500 people. For more information, visit www.ingevity.com
SOURCE A. Schulman, Inc.