Danimer Scientific and Chevron Phillips Chemical Expand Collaboration to Include Application Development for Rinnovo™ Polymers
Collaboration to explore several high-volume polymer applications, taking advantage of cost and performance of Rinnovo™ materials
BAINBRIDGE, Ga., September 20, 2023--(BUSINESS WIRE)--Danimer Scientific, Inc. (NYSE: DNMR) ("Danimer" or the "Company"), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced it is expanding its collaboration with Chevron Phillips Chemical ("CPChem") to explore development and commercialization of cast extrusion films, blown extrusion films, injection molded parts and rotational molded parts using Rinnovo™ polymers produced in a loop slurry reactor process.
Rinnovo™ is a type of polyhydroxyalkanoate ("PHA") synthesized from lactones produced using Danimer’s proprietary Novo22™ catalyst technology, which can be used in the production of biodegradable alternatives to traditional plastics. The collaboration expands on Danimer and CPChem’s previously announced agreement, in which Danimer is evaluating the use of CPChem’s loop slurry reactor design to develop a continuous reactor system in the manufacturing process for Rinnovo™.
Stephen E. Croskrey, chief executive officer of Danimer, said, "Our business relationship with CPChem continues to yield results, and we’re excited for the further opportunities that lie ahead. CPChem’s Research and Technology lab in Bartlesville, Oklahoma, is a premier facility staffed with world-class talent that we believe will accelerate the path toward adoption of Rinnovo™ materials in high-volume applications that will assist in lowering the cost to serve key markets."
Opened in 1950 by Phillips 66, CPChem’s Bartlesville facility contains first-class research equipment allowing for rapid testing of products across various processing conditions. Additionally, the facility’s testing and analytical capabilities provide a more rapid feedback loop, accelerating the development and optimization of resin formulations.
"We continue to be excited about the potential of our MarTECH® process technology and related collaborations to advance Danimer’s Rinnovo™, another CPChem initiative that can help accelerate change for a more sustainable future," said Venki Chandrashekar, CPChem vice president of research and technology.
For more information on Danimer Scientific, visit www.DanimerScientific.com.
About Danimer Scientific
Danimer is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than a decade, its renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable and return to nature instead of polluting our lands and waters. Danimer’s technology can be found in a vast array of plastic end products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, filaments, films and injection-molded articles, among others. Danimer holds more than 430 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit www.DanimerScientific.com.
Forward‐Looking Statements
Please note that in this press release we may use words such as "appears," "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on our products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to our products; the Company’s exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company’s manufacturing facilities and suppliers, as well as consumer demand for our products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact on our business, operations and financial results from the ongoing conflict in Ukraine; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, our information systems; the ability of our information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; our ability to properly maintain, protect, repair or upgrade our information technology systems or information security systems, or problems with our transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; our ability to utilize potential net operating loss carryforwards; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230919746243/en/
Contacts
Investors
James Palczynski
ir@danimer.com
415-876-8429
Media
Jonathan Houghton
jhoughton@daltonagency.com
615-515-4892
