BASF invests in Oceanworks

BASF Venture Capital GmbH (BVC), the corporate venture company of the BASF Group, is investing in Oceanworks. The young, American-based company is a provider of sustainable plastics solutions and makes traceability and transparency of recycled plastics possible with the help of digital solutions. The Oceanworks platform gives companies access to high-quality sources of plastic from the sea and so-called PCR plastics (post-consumer recycled products are made from recycled plastic and discarded materials). 

Oceanworks offers a sophisticated solution with its global marketplace for recycled plastic materials and products. The young company makes it easier for its customers to source recycled plastics, which would otherwise add to the 11 million tonnes of plastic that flow into the sea every year. Digital blockchain technology, material quality assurance, global logistics and marketing support are part of Oceanworks' offering for customers and their partners.

The investment by BASF Venture Capital is Part of the seed financing of Oceanworks and enables the company to accelerate the development of its sourcing engine and track-and-trace verification for recycled plastic from the sea. The parties have agreed not to disclose the financial details of the investment.

„Oceanworks“ traceability tools offer real added value in the reduction of plastic waste. With this investment and collaboration with Oceanworks, we are supporting BASF's goal of offering customers sustainable solutions to further optimise the production, use and recycling of plastics."

Markus Solibieda, Managing Director of BASF Venture Capital