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Kwon Young-woon (left), head of GS Caltex's R&D Center, and Summit Cosmetics President and CEO Koh Akiyama pose for a photo at a signing ceremony at Summit Cosmetics’ headquarters in Tokyo, Wednesday. (GS Caltex) |
South Korean energy company GS Caltex announced Thursday that it has partnered with cosmetics company Summit Cosmetics, a subsidiary under Japanese conglomerate Sumitomo, to supply its cosmetics ingredients.
According to GS Caltex, the company signed a memorandum of understanding with Summit Cosmetics for the company’s future supply of GreenDiol, the brand name of GS Caltex’ multifunctional 2,3-Butanediol derived from sugarcane and cassava.
The 2,3-Butanediol GreenDiol is produced from natural fermentation using biomass and microorganisms and uses no genetically modified organism or chemical synthesis. This natural and nontoxic humectant can be used in a wide range of cosmetics products, it added.
Under the partnership, GS Caltex will supply GreenDiol to Summit Cosmetics, which will use the ingredients for the production of its products sold in global markets. Summit Cosmetics is currently selling products in Korea, the US, Europe and South America.
GS Caltex added the company and Summit Cosmetics will also seek approval from the Pharmaceuticals and Medical Devices Agency in Japan to use GreenDiol in the production of functional cosmetics, which requires regulatory clearance there.
“GS Caltex expects GreenDiol will be able to accelerate its global expansion through the latest partnership. GS Caltex will ramp up its efforts to step up as a leading white biotech company,” said Kwon Young-woon, head of GS Caltex's R&D Center.
GS Caltex said it has been providing its 2,3-Butanediol GreenDiol to a number of cosmetics firms since 2019. Since then, its sales of GreenDiol have increased by some 160 times, the company added.
