Investors with $8 trillion call to phase out ‘forever chemicals’ (PFAS)
Boston, MA, December 20, 2022 – FRX Innovations (TSXV:FRXI) (FSE:W2A) (OTC BB: FRXI) (“FRX” or the “Company”), a leader in eco-friendly flame retardant solutions, announces that it has market proven, viable and sustainability solutions to help replace the PFAS chemical commonly used as a flame retardant in polycarbonate plastics and Brominated Flame Retardants used in electronic display housings. .
- FRX Innovations is certified with the world’s top green chemical associations.
- Investors managing $8 trillion in assets call for the phase out of persistent organic pollutants such as halogenated flame retardants and PFAS chemicals
- 47 investors managing $8 trillion in assets join the call
- Reports indicate PFAS linked to cancer, lung diseases, diabetes, reproductive disorders and learning disabilities. The chemicals also have a negative impact on biodiversity
- FRX Nofia products are an ideal alternative to replace PFAS and Bromine-based Flame Retardants
- Nofia is certified by leading green Non-Governmental Organizations
- Nofia has already proven its environmental and commercial viability in the market
On November 29th, 2022, an NGO International Chemical Secretariat (“ChemSec”) news release reported that following the publication of their annual ChemScore Report, investors with US$8 trillion under management and advice called on the world’s largest chemical producers to phase out persistent organic pollutants (POPs) to disclose the volume of all hazardous chemicals they produce and to demonstrate action to improve their chemicals management. A letter, co-authored by Aviva Investors and Storebrand Asset Management and supported by 47 of the largest institutional investors, including AXA IM, Credit Suisse Asset Management (Switzerland) AG, Resona Asset Management and Robeco, was sent to the CEOs of 55 major Chemical companies in which they expressed, “We encourage you to lead, not be led, by phasing out and substituting these chemicals. In addition to the financial risks associated with litigation, producers of persistent chemicals face the risk of increased costs associated with reformulating products and modifying processes, which can have significant implications for company performance.”
The result of years of research and applications development, FRX’s Nofia® is exceptionally well suited to substitute brominated flame retardants in electronic housings and PFAS-based flame retardants, or “Forever Chemicals” commonly found in polycarbonate plastics known as KPFBS. Nofia has already proven its environmental and commercial viability in consumer products such as televisions, monitors, furniture, lithium-ion battery casings, textile products and medical device enclosures among many other applications. FRX has been certified by leading organizations including; GreenScreen where FRX’s Nofia Polyphosphonates has achieved the coveted “Benchmark 3” accreditation, ChemFORWARD, SAFER® program, TCO-Certified, is on Oeko-Tex 100 list, extensively used for textiles and is listed as an Evaluated Alternative in the ChemSec Marketplace
Another industry where halogenated flame retardants are under pressure, including PFAS based flame retardants, is medical equipment. On November 16th the well-respected non-profit Clean Production Action, with support from health care provider Kaiser Permanente, issued a new GreenScreen certified program for Medical Supplies and Devices. Based on published GreenScreen results, none of the commonly used brominated or PFAS types of flame retardants meet the minimum certified Bronze level. FRX’s Nofia Polyphosphonates meets the criteria of this new certification system, thus providing Medical Device Manufacturers with a viable and sustainable flame-retardant technology.
“These announcements are indeed very encouraging for FRX”, said Marc Lebel, CEO of FRX Innovations, “our recently launched Nofia® CO6010-EX is already under test by more than 10 manufacturers of polycarbonate resin producers and compounders, and our long standing Nofia CO6000 is already on the approved purchase list of a major polycarbonate producer and undergoing final qualification trials in a high visibility television brand. These projects started at the end of Q1 2022 and so this is very fast for our industry and goes to show that there is an increased sense of urgency, driven by recent legislation, to design out these persistent organic pollutants” continued Lebel.
In the letter, the investors also warned that knowledge among policymakers about the negative effects of PFAS was increasing and could lead to more regulations.
The USA state of Maine already announced it will require manufacturers and imports of goods sold in Maine to declare to their Department of Environmental Protection all instances of the use of intentionally added PFAS chemicals. The starting date is January 1, 2023. This, along with a proposal from the US EPA on December 2nd that it will remove the di minimis exception to reporting use of PFAS chemicals in its Toxics Release Inventory will offer “a more complete picture” of releases and waste management, in that it will cause many more companies to need to declare their use, and environmental losses.
Progressive investors, funds and institutions are joining regulatory leaders, elected officials and non-profits to drive tangible change in the chemical industry towards a safer world and cleaner future. “We have been planning for these changes for over a decade, and FRX is fully prepared for this next phase of evolution in the chemical industry. We have the products, the ESG certifications, the established production plant, and the team to build from our existing strong base of customers and deliver strong growth in the New Year and beyond”.
About FRX Innovations
FRX Innovations is a global manufacturing company, producing a family of environmentally sustainable flame-retardant products that serve several large markets spanning textiles, electronics, automotive, electric vehicles (EV) and medical devices. FRX is led by a team of highly experienced business and technical professionals and is positioned to be a leader in the rapidly changing flame-retardant plastics and additives market in response to new legislation prohibiting Brominated and Perfluoro flame retardant chemicals.
Nofia® is a registered trademark of FRX. Nofia® products are manufactured at its manufacturing facility on the Port of Antwerp in Belgium, one of the world’s largest chemical producing clusters. Nofia Polyphosphonates are produced using sustainable green chemistry principles such as a solvent-free production process, no waste by-products, and near 100% atom efficiency. FRX’s portfolio includes an extensive patent estate. FRX, at the forefront of the ESG movement to a greener future, has been the recipient of numerous awards, including the EPA’s Environmental Merit Award, the Belgium Business Award for the Environment, and the Flanders Investment of the Year Award. FRX has also been recognized six times on the Global Cleantech 100 list.
For more information about FRX Innovations, please visit www.frx-innovations.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FRX Innovations Mark Lotz CFO
FRX Innovations Investor Relations and Media Inquiries
+1 514 – 818 04477
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