Danimer Scientific and Chevron Phillips Chemical Expand Collaboration to Include Application Development for Rinnovo™ Polymers
September 20 2023 - 7:00AM
Business Wire
Collaboration to explore
several high-volume polymer applications, taking
advantage of cost and performance of Rinnovo™
materials
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.
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Investors James Palczynski
ir@danimer.com 415-876-8429
Media Jonathan Houghton
jhoughton@daltonagency.com 615-515-4892
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