BASF invests in marine plastic recycling start-up platform

BASF venture capital, the corporate venture capital arm of the BASF Group, announced that it has made a strategic investment in the U.
S.
-based Oceanworks start-up platform, a U.
S.
-based start-up for ocean, ocean shipping and post-consumer recycled plastic sourcing platform
.

BASF said the investment underscores the company's commitment to developing sustainable solutions and driving the transition to a circular economy
.

Oceanworks aims to support businesses in achieving their goals of using higher recycling rates in their products, serving as a trusted source for high-quality marine, ocean-going and post-consumer recycled plastics
.

The startup has developed a blockchain-based digital solution to provide customers with the traceability and material quality assurance they need, as well as global logistics and marketing support
.
This technology enables recycled plastics to be traced back to their origin
.

The investment from BASF Ventures is part of a series of seed financings for Oceanworks, enabling the company to accelerate the development of its procurement engine and track-and-trace verification for recyclable ocean plastics
.
The parties have agreed not to disclose financial details of the investment
.

"Oceanworks' traceability tools add real value to reducing plastic waste," said Markus Sobieda, managing director of BASF Ventures.
Ocean plastic materials to customers around the world
.
”

Vanessa Coleman, CEO of Oceanworks, said: "Oceanworks is delighted to partner with BASF to drive the growth of our new business model for responsible plastic sourcing that supports real-time, digital shore-to-shelf traceability
.
We look forward to accelerating the recycling of ocean plastic waste to Promoting a circular economy
.
”