Danimer Scientific and Hyundai Oilbank Collaborate on Driving Global Growth of PHA and Sustainable Alternatives to Traditional Plastic Products
January 25 2022 - 9:30PM
Business Wire
Strategic partnership to expand commercial
applications and manufacturing of PHA in South Korean and Asian
markets
Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer”), a leading
next generation bioplastics company focused on the development and
production of biodegradable materials, today announced it has
signed a memorandum of understanding with Hyundai Oilbank, the oil
refinery unit of Hyundai Heavy Industries Holdings, to jointly
develop global new market opportunities and applications for
polyhydroxyalkanoate (“PHA”), a sustainable biopolymer that serves
as a biodegradable alternative to traditional plastic.
The near-term focus of this collaboration is on providing
Nodax®, Danimer’s signature PHA, and other PHA-based compounds
produced by Danimer to commercial customers in South Korea and
other Asian markets for sustainable single-use packaging and other
applications. Over time, the companies aim to drive global growth
opportunities for PHA manufacturing.
Stephen E. Croskrey, Chairman and Chief Executive Officer of
Danimer, said, “The environmental impact of plastic waste affects
the entire planet, and it will take global cooperation to address
this crisis. Even as we continue growing our commercial operations
in the U.S., we look forward to partnering with one of South
Korea’s foremost business leaders in Hyundai Oilbank to introduce
our sustainable materials and support the development of PHA
applications in markets across Asia.”
Dal-ho Kang, Vice Chairman of Hyundai Heavy Industries Group and
Chief Executive Officer of Hyundai Oilbank, mentioned, “Despite the
serious destruction of the ecosystem due to incineration and
reclamation of waste plastics which are difficult to recycle,
plastic usage continues to increase. We can reduce environmental
pollution by replacing traditional plastics with biodegradable
polymers and we’re excited to partner with Danimer Scientific on
this important and transformational work.”
For more information, please visit www.DanimerScientific.com or
www.oilbank.co.kr.
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
390 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.
About Hyundai Oilbank
Hyundai Oilbank is one of Korea’s top four refiners with
competitiveness in oil refining, petrochemicals, lube base oil,
carbon black and more. Recently, the company has been focusing on
expanding businesses in non-oil sectors, such as hydrogen,
environment-friendly materials, etc.
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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For Danimer: Investors ir@danimer.com Phone:
229-220-1103
Media Anthony Popiel apopiel@daltonagency.com Phone:
404-876-1309
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