(Yicai Global) June 2 -- After the opening ceremony of the Covestro-Tongji Innovation Academy, Yicai Global caught up with Markus Steilemann, director and chief executive-to-be of Covestro AG [FWB:1COV], a German materials provider.

The Leverkusen-based company and Tongji University will invest CNY10 million (USD1.47 million) in the academy over the next five years, to offer a framework for collaborations in material science research between them.

Covestro wants to developed the partnership over three steps, Steileman said. First, it will devise new technologies and inventions. Second, the college will function as a platform for communication between students and industry experts. Third, graduates will be taken on as project managers to apply the new technology in their works.

"It's important to create innovative technologies," he said, "but our inventions shouldn't be trapped in the ivory tower. Instead, they need to be commercialized, with technology converted into concrete sales and profits."

Studies at the academy currently focus on new materials for batteries and car bodies, said Huang Yunhui, director of the academic committee at Tongji's School of Materials Science and Engineering. The academy may consider bringing in strategic investors to set up joint ventures in the future, he added.

"We're open to starting a joint venture because innovation isn't limited to just technical inventions," said Steilemann, "but also creating new business models. The journey has just begun, and going forward, different kinds of businesses will be considered based on local conditions."

Through cooperation with higher education institutions in Germany, the US and China, Covestro hopes to bring relevant resources together to be put to good use, he added. By doing so, the firm aims to keep the number of joint programs to a minimum and attain optimal research quality.

"Most of our collaborations with Tongji used to focus on eco-buildings and materials. We've now added automotive research as a new direction for innovation," Steilemann said. "Lithium batteries are essential for electric vehicles, and cell performance is at the core of technological development in the field. Lightweight and heat-resistant polymers are good materials for lithium battery casings."

"Most casings are made of stainless steel at the moment. Polymers are at least 20 to 30 percent lighter, and can increase batteries' energy density -- they're also safer," said Huang.

Polymer batteries are great for protection and regulate temperature well, added Steileman. They're also more resistant to chemical corrosion.