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MarketScreener Homepage  >  Equities  >  Xetra  >  Covestro AG    1COV   DE0006062144

COVESTRO AG

(1COV)
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Covestro : Solar Impulse Foundation supports clean and profitable developments

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01/16/2020 | 06:03am EST
more imagesdownloadCovestro recently received the Solar Impulse Efficient Solutions Label for two technologies that have proven to be economically viable and environmentally friendly solutions. One of them are solar-powered greenhouses for drying food to make it more durable.

Covestro has recently been granted the Solar Impulse Efficient Solutions Label for two projects, which have been proven as economically profitable as well as environmentally protective solutions: solar-powered greenhouses for drying food to preserve it, and a waterborne technology called INSQIN® for sustainable textile coating. This Label from the Solar Impulse Foundation serves as a new and credible symbol and as a guarantee of quality to those looking to implement clean solutions.

'With our Solar Impulse Efficient Solution label we want to acknowledge and publicise developments like these Covestro technologies - developments, which can boost economic growth while preserving the environment,' explains Bertrand Piccard, Swiss pioneer and founder of the Solar Impulse Foundation. 'By selecting a thousand Efficient Solutions, we want to support and speed up the implementation of clean and profitable solutions in the industry.'

Dr. Christian Haessler, Head of Sustainability at Covestro, welcomes the new labeling: 'This is an excellent confirmation by independent experts that our company is much committed to truly sustainable developments, which are beneficial for society, create value and reduce the environmental impact. This includes above all the fulfillment of the UN Sustainable Development Goals.'

Ideas that bear fruit
The solar greenhouse dryer is an efficient, decentralized, cost-effective and sustainable solution for reduction of post-harvest losses in agricultural products. The high efficiency of the dryer is achieved through the use of polycarbonate for construction of a parabolically shaped greenhouse. The material is transparent to visible and in particular infrared light and shows good thermal insulating properties, allowing the dryer to heat up quickly.

The installation of solar dryers for food preservation is part of Covestro´s 'inclusive business' approach, with which the company wants to strengthen local economic development, alleviate poverty and support social progress by integrating low-income communities in the value chain. So far Covestro has provided the materials for the installation of more than 1,500 solar dryers in different sizes in India and different ASEAN countries, by that significantly increasing the income of regional farmers.

Sustainable manufacture of coated textiles
With its INSQIN® technology, Covestro significantly increases the sustainability of textile coating. The technology is based on waterborne polyurethane coatings, making textile production more eco-friendly and easier to handle. Using INSQIN®, the production of coated fabrics also requires up to 95 percent less water and 50 percent less energy.

For implementation of the technology, Covestro is working directly together with brand owners in the apparel and footwear industries as well as with textile manufacturers. Only recently, the company also introduced the technology in the automotive industry, where INSQIN® enables more sustainable, flexible and durable coatings in the car interior - with a premium look and feel.

The World Alliance for Efficient Solutions, founded under the auspices of the Solar Impulse Foundation, collaborates with start-ups, companies, institutions, NGOs and investors to create synergies, share knowledge and build relationships for speeding up the implementation of clean and profitable solutions.

About Covestro:
With 2018 sales of EUR 14.6 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,800 people (calculated as full-time equivalents) at the end of 2018.

Find more information at www.covestro.com.
Follow us on Twitter: https://twitter.com/covestro

Forward-looking statements
This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Disclaimer

Covestro AG published this content on 16 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 January 2020 11:02:04 UTC

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Markus Steilemann Chief Executive Officer
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