SABIC and Beijing Aerospace Petrochemical Technology Equipment Engineering Co., Ltd. Sign Space Pyrolysis SHCP ® Technology Access License Agreement- Taizhou Huangyan Aoxu Mould Technology Co., Ltd.

Beijing Aerospace Petrochemical Technology Equipment Engineering Co., Ltd. (hereinafter referred to as "Beijing Aerospace Petrochemical"), a wholly-owned subsidiary of Beijing Aerospace Power Research Institute (BAPI), a subsidiary of China Aerospace Science and Technology Group Co., Ltd., held a signing ceremony in Beijing with Saudi Arabian Basic Industry Company (SABIC), a globally renowned diversified chemical enterprise, to sign the Saudi Basic Industry Company's SHCP for Beijing Aerospace Petrochemical Aerospace Pyrolysis ® Technology Access License Agreement.

At the signing ceremony, Zhang Yanjun, Deputy Director and Project Leader of Beijing Aerospace Power Research Institute, gave a detailed introduction to SHCP for aerospace pyrolysis ® The technological advantages and progress in commercial applications of technology in the field of chemical recycling of waste plastics.

Amelie Hu, General Manager of the Greater China Strategic Development Department, and Olivier Guise, Director of the Asia Pacific Science and Technology Innovation Department, who represented SABIC at the event, highly praised SHCP for aerospace pyrolysis ® The advantages of technology compared to other technologies. For example, the coke generated during the pyrolysis process can be used as a fuel source for combustion, making it possible to expand production scale with the advantages of high heat transfer efficiency and low waste.

Since 2016, SABIC and Beijing Aerospace Petrochemical have established a good foundation of cooperation. This new collaboration further confirms the shared vision of the two companies, which is to accelerate the recycling of plastics in the field of chemical recycling of waste plastics.

Frederik Hoornaert, General Manager of SABIC Chemical Product Technology Innovation Department, said, "We are excited to further explore Beijing Aerospace Petrochemical's advanced recycling technology and meet TRUCIRCLE as a potential alternative ™ Goals in the Asia Pacific region. Aerospace pyrolysis SHCP ® Technology will enhance our ability to solve technical problems. The pyrolysis technology with high efficiency, flexible feeding, economy, scalability, and differentiation is one of the key pillars of SABIC's circular economy technology strategy

Li Xiaofeng, Director of Beijing Aerospace Power Research Institute, said, "In the context of global low-carbon and sustainable development, our company's original research and development of SHCP for aerospace pyrolysis ® Technology has achieved the resource utilization of low residual value waste plastics, which will promote the large-scale development of global chemical recycling of waste plastics. I hope that the signing of this agreement by both parties will serve as a new starting point, continuously expand cooperation areas, enhance cooperation, and achieve mutual benefit and win-win results

Wang Wanjun, President of the Sixth Research Institute of China Aerospace Science and Technology Group Co., Ltd., stated: "This signing will further accelerate the SHCP of aerospace pyrolysis ® The engineering application of technology will also contribute to the global layout of SABIC's circular economy industry. Through bilateral cooperation, it can play an important role in promoting the development of the global waste plastic chemical recycling industry

SABIC Venture Capital supports our corporate technology strategy by promoting collaboration with selected innovation projects in the startup ecosystem. Our collaboration with Beijing Aerospace Petrochemical is our first project in the Asia Pacific region, which will advance our vision of achieving sustainable development in the region, "said Aruna Subramanian, Managing Director of SABIC Venture Capital.

The successful signing of this contract will further accelerate SHCP for aerospace pyrolysis ® The application of technology in the engineering field will also contribute to the global layout of SABIC's circular economy industry. The cooperation between the two sides will play an important role in promoting the development of the global recycling of waste plastic chemicals and contribute to the global circular economy.