The Coretec Group Secures Manufacturing Partnership with Evonik Industries
Evonik will produce initial quantities of Coretec's silicon technology, marking a key milestone in the commercialization process
ANN ARBOR, MI / ACCESSWIRE / July 8, 2020 / The Coretec Group, Inc., (OTC PINK:CRTG) (the "Company"), a company developing a portfolio of silicon-based materials utilizing Cyclohexasilane ("CHS") to pursue commercial development of products in energy-focused verticals, today announced that it has entered into a supply partnership with Evonik Industries, a world leader in specialty chemicals.
A German company, Evonik employs over 32,000 individuals in more than 100 countries around the world, and generated sales of €13.1 billion in 2019. Through the partnership, Coretec will work with Evonik to produce batches of CHS by the end of Q4 2020 to be available for customer application use.
"We are excited to work with such a renowned and established world leader in the specialty chemical space to create the first quantities of our CHS liquid silicon technology," said Michael Kraft, Chief Executive Officer of The Coretec Group. "This partnership represents a key milestone in our continued push for commercialization, and is an important step in transitioning CHS from the lab into next generation technologies. We look forward to working with Evonik and continuing to progress our discussions surrounding next steps for CHS manufacturing, its in-country distribution requirements, and the customer service needed to grow sales and revenue."
To learn more about The Coretec Group, please visit www.thecoretecgroup.com.
About The Coretec Group, Inc.
The Coretec Group, Inc. (the "Company") utilizes a portfolio of silicon-based and volumetric display materials to pursue commercial development of products in energy-focused verticals such as energy storage, solar, and solid-state lighting, as well as printable electronics and 3D volumetric displays. For more information, visit www.thecoretecgroup.com. Follow The Coretec Group on Twitter and Facebook.
Evonik is one of the world leaders in specialty chemicals. The company is active in more than 100 countries around the world and generated sales of €13.1 billion and an operating profit (adjusted EBITDA) of €2.15 billion in 2019. Evonik goes far beyond chemistry to create innovative, profitable and sustainable solutions for customers. More than 32,000 employees work together for a common purpose: We want to improve life, day by day. Visit Evonik Industries.
The statements in this press release that relate to the company's expectations with regard to the future impact on the company's results from operations are forward-looking statements, and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.
The Coretec Group, Inc.
SOURCE: The Coretec Group Inc.
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Released July 8, 2020