Supporting the global energy transition to less carbon-intensive systems
SHANGHAI, Sept. 4, 2023 /PRNewswire/ -- Dow (NYSE: DOW), a global materials science company, and Shanghai Qifan Cable Co., Ltd. (Qifan Cable) have signed a strategic Memorandum of Understanding (MoU) at Wire China 2023. In the coming years, the two parties intend to jointly engage in developing innovative solutions for submarine cables, to support development of offshore wind power that will accelerate the global energy transition to renewable sources.
Under this cooperation, Dow would deliver ENDURANCE™ compounds used in the insulation of Qifan Cable's HVAC and HVDC submarine cables. Produced under superior cleanliness standards, ENDURANCE™ HFDD-4201SC enables high performance and longevity of the HVAC submarine cable for greater reliability. Moreover, it provides good degassing time and scorch resistance that results in production efficiency and shorter manufacturing cycles. For HVDC systems, ENDURANCE™ HFDB-4401UDC enables long-run performance and increased operating temperatures of up to 90°C.
According to the International Energy Agency's Electricity Market Report 2023, renewables' share of the power generation mix worldwide is set to rise from 29% to 35% by 2025, and offshore wind power is expected to grow rapidly as a predominant source of power generation that will support the global transition to less carbon-intensive and more sustainable energy systems.
"In response to the global energy transition, Dow has introduced a series of high-performance solutions that support emerging needs in sustainable energy sources such as offshore wind power," said Bambang Candra, Asia Pacific Commercial Vice President of Dow Packaging and Specialty Plastics, "This partnership with Qifan Cable represents the full recognition of Dow's submarine cable products, and at the same time, it also helps us advance our manufacturing operations. We continue to improve our product innovation to suit varying application needs while expanding cooperation with industry partners, to support the realization of global decarbonization goals."
Mr. Zhou Guihua, Chairman of Qifan Cable said, "In the field of submarine cable materials, Dow has industry-leading innovation capabilities and cutting-edge product technologies. Through our solid alliance with Dow, it will further strengthen our competitive advantage in the submarine cable market and promote closer cooperation in the value chain. We are delighted to drive the development of offshore wind power with Dow."
Through expertise in materials science, Dow works closely with partners like Qifan Cable to optimize efficiency in operations and accelerate renewable energy growth, enabling a lower-carbon economy that is essential in addressing climate change and achieving a sustainable future.
About Dow Packaging and Specialty Plastics
Packaging and Specialty Plastics (P&SP), a business unit of Dow (NYSE: DOW), combines core strengths of R&D, worldwide reach, broad product lines and industry expertise to deliver high-performing technologies for end-use markets in food packaging, personal hygiene, infrastructure, consumer goods and transportation. P&SP is one of the world's largest producers of polyethylene resins, functional polymers, and adhesives, and enabled by Pack Studios, is a leading innovator and collaborator across the value chain on sustainable application development and circular economy life-cycle design for plastics. www.dowpackaging.com
About Dow
Dow (NYSE: DOW) combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance leadership to achieve profitable growth and help deliver a sustainable future. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated, science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer applications. Dow operates manufacturing sites in 31 countries and employs approximately 37,800 people. Dow delivered sales of approximately $57 billion in 2022. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.
About Shanghai Qifan Cable
Established in 1994, Shanghai Qifan Cable Co., Ltd. (Stock code 605222) now has 4 large-scale production bases in Shanghai Jinshan, Anhui Chizhou, Hubei Yichang and Shanghai Minhang. In 2022, it ranked among the top 10 competitiveness enterprises in the wire and cable industry of China, the top 100 Shanghai enterprises, the top 500 national manufacturing companies. Its products cover four categories: 500kV and below AC/DC land and submarine power cables, wire and cables for electrical equipment, communication cables and bare wires. The annual production capacity can be more than 30 billion yuan. For more information, please visit www.qifancable.com/en/.
