Dow Europe, the European branch of the United States-based Dow Chemical Company, and Turkey’s Aksa have inked a memorandum to found a joint venture to produce and sell carbon fiber, a chemical material vastly used in energy, transportation and infrastructure businesses.

The two companies will initially work together on founding a facility to produce a broad range of carbon fiber-based composite materials and provide technical support to customers, according to a Monday statement by Aksa.

Carbon fiber is a material consisting of extremely thin fibers and composed mostly of carbon atoms. Due to its high flexibility, high tensile strength, low weight, high temperature tolerance and low thermal expansion, carbon fiber is popular also in aerospace, civil engineering, military, and motor sports, along with other competition sports.

Aksa and Dow will use their know-how, global production capacity and technical expertise to offer innovative solutions in crucial issues such as increasing the performance of wind tribunes, improving the fuel efficiency in automotives and supporting the solidity of buildings and infrastructure facilities, according to Andrew N. Liveris, chairman and chief executive of Dow Chemical.

Aksa is a pioneer company in terms of presenting new products and technologies, according to Aksa Chairman Mehmet Ali Berklan, “We believe that thanks to a probable partnership with Dow, a world leader company in chemicals industry, we will empower our leading position in both local and global markets.”