CitroTech Inc. (NYSE AM: CITR) and Hexion Inc. announced the formation of a 50/50 joint venture to develop fire-retardant solutions for the lumber and building materials industry. The partnership aims to help plywood, oriented strand board, and engineered wood manufacturers integrate fire resistance into their products.

The collaboration combines CitroTech's fire-retardant chemistry, recognized under the Environmental Protection Agency's Safer Choice program, with Hexion's manufacturing capabilities and industry relationships. The technology has undergone testing with several North American wood products companies over the past year.

CitroTech's solutions are designed to penetrate wood fibers to prevent fire ignition and have received UL GREENGUARD Gold certification and ASTM E84 Extended compliance. The company positions its products as an alternative to traditional borate-based inhibitors and pressure treatment methods.

"We're accelerating a shift away from pressure-treated wood products, which can compromise structural integrity and introduce health and environmental concerns, toward a new era of built-in fire protection," said Wes Bolsen, CEO of CitroTech.

Michael Lefenfeld, President and CEO of Hexion, stated that the partnership reflects the company's priority of bringing technologies to the building and construction market at commercial scale.

The joint venture will be structured as a Delaware entity that will develop CitroTech's intellectual property and accelerate manufacturing and sales. Hexion has committed capital to support commercialization efforts.

Both CEOs will serve on a three-member board overseeing the venture's strategic direction. The companies report that the joint venture is positioned to secure several market leaders as initial commercial customers.