Security Matters accelerates in North America, lends weight to Great Lakes sustainability push
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Security Matters has joined a key organisation in Michigan to assist one of the world’s biggest automotive industrial regions become a sustainable leader.
Security Matters (ASX:SMX) has joined NextCycle Michigan, with the company’s blockchain digital platform a key component of Michigan State’s aim to lead the world in becoming the first sustainable automotive industrial region.
Michigan State’s automotive industry is home to 96 out of 100 of the top suppliers in North America. NextCycle Michigan is a pathway to identify and incubate ideas that grow the state’s recycled materials supply chain and end markets.
One of SMX’s primary goals for the Great Lakes area, is the ability to provide an immediate solution to car manufacturers to design and manufacture a fully recyclable car, encompassing all materials and inclusive of all substances.
The organisation is an initiative of the Michigan Department of Environment, Great Lakes, and Energy (EGLE), facilitated by Resource Recycling Systems Inc. with support from the Michigan Recycling Coalition, and Centrepolis Accelerator at Lawrence Technological University.
NextCycle Michigan partners are committed to closing gaps in the recycling supply chain and building a robust circular economy by maximizing opportunities for developing recycling, recovery, and sustainable businesses in the state.
Since 2020, NextCycle Michigan, along with partners, has committed over $97 million in state and private funds for new recycling and recovery projects, partnerships, collaborative efforts, or direct sponsorship of NextCycle Michigan’s Innovation Challenges.
The state is wanting to radically improve its household and industrial recycling, which falls below the average US rates.
SMX joins NextCycle Michigan to participate in the transformation of Michigan’s plastic, and consequently automotive industry, supply chain into a sustainable, circular economy through enhanced recyclability.
Joining NextCycle Michigan is part of SMX’s strategy to expand its technology in North America in 2022 as they target household and industrial waste, specifically automotive waste.
The strategy started in 2020 when SMX partnered with BASF to enable the plastic circular economy in Canada. BASF’s reciChain project implemented Security Matters’ tech into the entire product value chain, improving full traceability and transparency.
By combining the power of SMXs’ blockchain solution with its physical marker, reciChain was able to improve the sorting, tracing, and monitoring of plastics. Initially located in British Colombia the project has expanded to other parts of Canada.
With the state home to so many of North America’s automotive suppliers, joining NextCycle Michigan will assist SMX hopes to connect and support these companies in creating a circular economy with their products.
It also links directly to SMX’s project with German Automotive giant Continental. The company joined with SMX in 2021 to ensure the natural rubber used in its tyres has been verifiably grown and sourced in a fully sustainable manner.
SMX reputation as a leader in the digitised circular economy globally continues to grow through a global pipeline of strategic partnerships and awards.
The company was awarded the 2021 Global Waste Management & Recycling Digitalization Technology Innovation Leadership Award by globally respected reputable consulting company, Frost and Sullivan.
It has also joined forced with the Global Platform for Sustainable Natural Rubber (GPSNR) and 4evergreen, a cross-industry alliance committed to the circularity of global fibre-based packaging.
Among other recent company highlights are the release of its Generation 2.0 Plastic Circular Economy unit, and a collaboration with LVMH Métiers d’Art, the sourcing division of leading global luxury conglomerate (Moët Hennessy Louis Vuitton).
NextCycle Michigan’s William Hall said the organisation was excited to welcome SMX as its newest partner.
“We appreciate their innovative outlook and look forward to working together with SMX and other NextCycle Michigan partners to develop solutions, guidelines and protocols to improve the recyclability of Michigan’s waste management,” Hall said.
SMX Founder and CEO, Haggai Alon said as New York aims to be the first sustainable fashion State in the world, Michigan can be the first sustainable automotive state in the world.
“By working with NextCycle Michigan and their members, we will enable the automotive industry, which is in Michigan State, to enjoy the SMX capabilities and fulfill the vision of 100% recyclable and reusable automotive products,” Alon said.
Through our joint work, NextCycle Michigan and SMX can progress Michigan towards a more innovative, sustainable, and tangible way to enhance the recycled material industry.”
This article was developed in collaboration with Security Matters, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.