JOHNSTON, Iowa – The Iowa Corn Promotion Board and France-based Technip Energies have signed an Asset Purchase Agreement under which Technip Energies will acquire the board’s patents, technology, and rights for the process technology to produce monoethylene glycol from surplus corn plant-based feedstocks.

“Iowa Corn has been dedicated to finding new uses and markets for corn to meet our mission for long-term Iowa corn farmer profitability,” said Stan Nelson, Iowa Corn Promotion Board research and business development committee chair.

According to Nelson, corn-based monoethylene glycol is a replacement for current fossil fuel-based monoethylene glycol, and a base chemical for products like antifreeze, pop and water bottles, and polyester clothing.

Over 70 billion pounds of monoethylene glycol is used in the world every year, with the yearly growth in the market equal to nearly 100 million bushels of corn, the board said.

By investing in research to expand the market for corn as an ingredient to replace oil, Nelson said products like monoethylene glycol will allow more renewable materials to be created.

“With the sale of monoethylene glycol technology to Technip Energies, work will continue to explore other uses for corn such as propylene glycol,” he said.

Since 2013, the Iowa Corn Promotion Board has invested checkoff funds to develop the technology and to create new demand for corn-based products, with corn-based monoethylene glycol used to produce renewable plastics.

Technip Energies officials said the company will advance the technology development, construct and operate a pilot plant to commercialize the technology, and make it available for licensing.

“We are excited to add this monoethylene glycol technology to our portfolio as we work with clients looking for more sustainable ways to produce plastics and basic chemicals,” said Stan Knez, Technip Energies chief technology officer.

“As we continue to pursue technologies that contribute to the circular economy, this acquisition is in line with our ambition to accelerate the energy transition for a better tomorrow,” he added.