BAINBRIDGE, Ga.--(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 has received a $400,000 grant from the United Soybean Board to expand the Company’s evaluation of high-oleic soybean oil (HOSO) as a feedstock in the production of polyhydroxyalkanoate (PHA), a sustainable biopolymer that serves as a biodegradable alternative to traditional plastic.
The grant marks the continuation of Danimer’s collaboration with the United Soybean Board after the successful completion of a one-year project to develop a practical model for using HOSO as a feedstock in manufacturing Nodax®, Danimer’s signature PHA, which is used to create a wide variety of products, including straws, bottles, and flexible film packaging. The second year of the project will focus on scaling up the use of HOSO on a commercial level.
“HOSO is readily available material in the United States, likely making it a viable and cost-effective feedstock in the production of Nodax®,” said Phil Van Trump, Chief Science and Technology Officer of Danimer. “We are pleased with the results of our first year collaborating with the United Soybean Board, and we thank them for their continued partnership in finding sustainable ways to meet rising demand for biodegradable products.”
High-oleic soybeans are grown exclusively in the U.S., and the oil produced from the crop provides increased functionality and improved shelf life for applications across the food and manufacturing industries.
“The first year of our research has produced excellent results that show HOSO is a viable feedstock in the manufacture of Nodax®,” said Carol Leggett, PhD, Director of Microbiology at Danimer. “As we continue to expand the commercial production of Nodax®, HOSO is expected to serve as a valuable tool to strengthen our supply chain and bottom line. The progress we’ve made to this point would not have been possible without the collaboration of the Omni Tech International, SmithBucklin, and the United Soybean Board and their farmer members.”
“Our 78 volunteer farmer-directors work on behalf of all soybean farmers to achieve maximum value for their investments and increase preference for U.S. soy, so we are excited to continue working with Danimer to drive soybean innovation,” said United Soybean Board farmer-director Ed Lammers.
For more information on Danimer, visit www.DanimerScientific.com
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.