Danimer Scientific Invited to Submit Part II Application for DOE Loan Guarantee
July 05 2022 - 4:05PM
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,
announced today that it has been invited to submit a Part II
Application for a loan guarantee under the U.S. Department of
Energy (DOE) Title XVII Loan Guarantee Program. The Loan Program
Office’s (LPO) invitation to the Company to submit a Part II
application for a loan guarantee reflects the LPO’s determination
that the project satisfies the technical eligibility requirements
set forth in the applicable LPO solicitation based on the materials
submitted to the DOE as of the date of its determination. If
successful, the loan guarantee from the DOE would help fund the
Company’s Greenfield expansion in Bainbridge and its Rinnovo plant
expected to be located in the Gulf States region. The Part II
application process entails completing and passing through a number
of steps which could ultimately result in a conditional commitment
and final U.S. Department of the Treasury, Federal Finance Bank
loan guaranteed by the DOE. However, there can be no assurance that
the DOE will invite the Company into the due diligence and term
sheet negotiation process, issue a loan guarantee or that we will
be able to secure a loan on terms that are satisfactory to the
Company. The foregoing matters are wholly dependent on the results
of the DOE review and evaluation of a Part II application and the
DOE’s determination whether to proceed.
Stephen E. Croskrey, Chairman and Chief Executive Officer of
Danimer, commented, “We are pleased to be invited by the DOE to
submit a Part II Application for a loan guarantee. Danimer
Scientific has grown to become recognized as one of the most
advanced and innovative biotechnology companies in the world with a
mission to reduce plastic waste in the environment. We look forward
to working closely with the DOE to fulfill the requirements of Part
II of the application process.”
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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220705005801/en/
Investors ir@danimer.com Phone: 229-220-1103
Media Jonathan Houghton jhoughton@daltonagency.com Phone:
615-515-4892
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