US PLA and PHA producer Danimer Scientific filed for bankruptcy in March, but in June was given new life through an acquisition by US-headquartered compounder Teknor Apex. The privately held Teknor Apex has a more than 100-year history of investing in sustainable materials, and its shareholders place a high priority on the vision of being a sustainable company, it said. The company’s venture-fund arm has been investing in sustainable material start-ups in the past few years, and even before the Danimer acquisition viewed bioplastics as part of its long-term strategy. Now it expects bioplastics to be a big part of its growth over the coming decades.
“The quality of the Danimer employees, the products, and the assets is world-class,” said Don Wiseman, CEO of Teknor Apex. “Having existing, operating facilities already brings us past the hurdle of the capital cost to build a plant, and we see opportunities to further drive down production costs. We have an existing base and a strong funnel, and we’re ready to build that out and continue to reinvest in advancing the technology.” Applications for Danimer’s PHA include injection molded articles for single-use. Addressing production costs is key, because the cost of producing PLA and PHA-type bioplastics is still higher than that of the conventional, fossil based materials (eg PP, PS) they could replace for single-use plastic applications. However, there is an existing base of customers that prioritize sustainability, and the potential for either regulation or consumer sentiment to further drive bioplastics use. Teknor Apex sees value in the better end-of life profile for bio polyesters, with the ability to be composted or enzymatically recycled as a solution for plastic waste. “As an industry, we need to nurture the market at the right pace with continued investment. Small evolutions will lead to breakthroughs in the long-term,” suggested Wiseman.
“This partnership opens exciting doors to accelerate our R&D, scale our operations, and reach new customers and markets, while staying true to our core mission: replacing traditional plastics with materials the planet can embrace,” said Phil Van Trump, Chief Science & Technology Officer at Danimer.
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