Gold rally may be losing steam but no major correction seen: DB
NEW YORK - SMX (Security Matters) PLC (NASDAQ:SMX), whose stock has declined nearly 99% year-to-date according to InvestingPro data, announced Wednesday the completion of two proof-of-concept trials demonstrating its plastic sorting technology in collaboration with service provider RedWave.
The trials, conducted over two consecutive days, validated the identification and sorting of food-grade plastics for Singapore’s Agency for Science, Technology and Research (ASTAR) and flame-retardant black plastics with the North American Flame Retardant Alliance (NAFRA). With the company rapidly burning through cash, as highlighted by InvestingPro’s analysis, these trials represent crucial steps toward potential commercialization.
According to the company’s press release statement, the tests were performed at commercial speeds of 2 meters per second with 99-100% detection accuracy across various plastic compositions, including carbon black plastics that have traditionally been difficult to sort due to their infrared-absorbing properties.
The first day focused on food-grade plastics as part of SMX’s project with ASTAR to support Singapore’s circular economy initiatives. The second day’s trials with NAFRA demonstrated the technology’s ability to identify plastics containing specific flame retardant compositions.
The system combines SMX’s molecular markers embedded in plastics with RedWave’s detection and sorting technology. The company states this combination allows for tracking materials throughout their lifecycle via a blockchain-backed digital passport.
SMX believes the technology could help increase the use of recycled content in new plastic applications by enabling more effective sorting and certification of plastic materials, particularly for food-grade and specialized applications where purity standards are critical.
The company is now assessing commercial roll-out opportunities with RedWave following the completion of these trials, which processed 22 kg of material across multiple test runs. With a current market capitalization of just $1.79 million and an EBITDA of -$30.95 million in the last twelve months, successful commercialization could be vital for SMX’s future prospects. Subscribers to InvestingPro can access 12 additional key insights about SMX’s financial health and market position.
In other recent news, SMX has been actively advancing its molecular marking technology to enhance plastic recycling and tracking systems. The company announced a Letter of Intent with BT-Systems’ Competence Center REDWAVE to integrate its traceability technology into industrial-scale recycling systems. This partnership aims to combine SMX’s molecular markers and blockchain verification with REDWAVE’s sorting systems to certify the origin and composition of materials in real-time. In Singapore, SMX has partnered with the Agency for Science, Technology and Research (ASTAR) to launch the world’s first national plastics passport system. This system embeds unique codes into plastics, creating digital passports that track materials throughout their lifecycle. Additionally, SMX is developing a universal standard for recycling verification across borders, using its technology to embed markers into various materials. The company also announced it would offer its Global Plastics Passport technology for free licensing to support a UN Plastics Treaty, positioning its solution as a comprehensive approach to global plastic circularity challenges.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.