TCL #19: Viridien & Matnex’s AI Materials Partnership, Scania’s Battery Expansion, Sherwin-Williams’ $1.5B Deal, Aramco’s Philippine Entry & More
Viridien & Matnex are joining forces to advance AI-powered materials discovery, Scania is acquiring Northvolt’s heavy industry battery business, and Sherwin-Williams has struck a $1.5 billion deal to acquire BASF’s Brazilian architectural paints unit.
Plus, Aramco is entering the Philippines’ retail fuel market, ABB & Bilfinger are collaborating on energy transition solutions, and Terra CO2 has secured $82 million to scale low-carbon cement alternatives.
Stay updated on the latest developments in the chemical and allied industries.
Materials

Viridien and Matnex (Materials Nexus Ltd.) have formed a partnership to enhance AI-powered materials discovery. The collaboration aims to increase Matnex's computational capacity for innovative material production and reflects a shared goal to reduce the environmental impact of technologies. Key areas of focus include energy generation, energy storage, transportation, and sustainable computing. The partnership is supported by investments from US and European venture capital funds.
Battery
Scania has agreed to acquire Northvolt's heavy industry battery business, known as Northvolt Systems Industrial. This division specializes in developing and manufacturing battery systems for heavy industries like construction, mining, and agriculture. Scania previously invested in Northvolt's $2.75 billion funding round in 2021 and has a major offtake agreement with the battery maker. The acquisition aims to enhance Scania's capabilities in electric vehicle technology.
Coatings
Sherwin-Williams has agreed to acquire BASF's Brazilian architectural paints business, which includes the Suvinil brand, for $1.5 billion in an all-cash transaction. Suvinil will become part of the Sherwin-Williams Consumer Brands Group after the deal closes. The deal is expected to close in the second half of 2025, pending regulatory approval.
Energy
- Aramco has agreed to acquire a 25% equity stake in Unioil Petroleum Phillippines. This acquisition marks Aramco's entry into the Philippines retail market and expands its global retail presence. The move will allow Aramco to introduce its brand, retail offerings, and Valvoline-branded lubricants at select Unioil stations. Unioil, established in 1966, operates a network of 165 retail stations and is recognized as a fast-growing player in the Philippines' petroleum sector.
- ABB and Bilfinger have signed a Memorandum of Understanding (MoU) and a Framework Agreement to collaborate on instrumentation and digital solutions for energy and process industries. The partnership aims to enhance operational efficiencies and address customer needs in the context of energy transition, particularly in hydrogen and carbon capture, utilization, and storage (CCUS) sectors. ABB will leverage its portfolio of instrumentation and digital solutions, while Bilfinger will contribute its expertise in both conventional and renewable energy projects.
Plastics
CREO Group, a portfolio company of Mill Point Capital LLC, has acquired HMS Mfg. Co., a packaging solutions provider in the USA. HMS specializes in producing plastic products for household needs like storage and waste management. CREO aims to continue its focus on sustainable manufacturing, emphasizing recycling and use of bio-based materials.
Biotech
ZYMVOL, a biotech company based in Barcelona, Spain and specializing in computational enzyme discovery and design, has raised €3 million (around $3.14 million) in seed funding. The funding round was led by Faber Ventures, with participation from Elaia Partners and Übermorgen Ventures. ZYMVOL plans to use the investment to enhance its experimental lab, expand its computational technology, and strengthen its sales and marketing efforts.
Pharma
The FDA has approved Sanofi's Merilog as the first biosimilar for Novo Nordisk's rapid-acting insulin, NovoLog. MeriLog is designed to reduce blood sugar spikes during meals and is available in a prefilled pen and a multiple-dose vial. This marks the third insulin biosimilar approved by the FDA, following two long-acting products in 2021.
Construction
Terra CO2's production process utilizes abundant, local, and inexpensive silicate-based raw materials, minimizing transportation costs and environmental impact. (Source: Terra CO2)
Terra CO2, a low-carbon building materials team based in Golden, Colorado, has secured $82 million in Series B funding. The funding round was co-led by Just Climate, Eagle Materials, and GenZero, with participation from Breakthrough Energy Ventures. The company plans to use the funds to establish its first commercial plant in Texas, capable of producing 250,000 tons per year of supplementary cementitious material. Terra aims to eventually produce net-zero cement to replace traditional options.