Bioplastics maker Verde Bioresins Inc. is going public through a special purpose acquisition company (SPAC).
Santa Monica, Calif.-based Verde was listed under ticker symbol VRDE on the Nasdaq stock exchange on June 22 after merging with TLGY Acquisition Corp.
"Verde intends to become a leader in the global transition to a more sustainable, circular economy," Chairman, President and Chief Operating Officer Brian Gordon said. "We believe the proceeds from the proposed transaction, along with the support of TLGY, will enable us to scale our production capabilities, moving us closer to delivering on the growing interest in our innovative and proprietary bioresin solution."
Verde was founded in 2020 as a full-service bioplastics company specializing in sustainable materials, innovation and manufacturing with its PolyEarthylene-brand resin. Officials in a June 22 news release said that PolyEarthylene is proprietary, bio-based, renewable and sustainable.
They added that PolyEarthylene "aims to accelerate the transition to a more sustainable and circular economy, addressing nearly half of the $600 billion global plastics market that is faced with mounting regulatory pressure for eco-friendly solutions."
Officials also said that PolyEarthylene "is cost-competitive, scalable and versatile, making it a sustainable option for a wide range of manufacturing processes, including injection molding, film extrusion, blow molding, and thermoforming, and applications such as rigid packaging."
PolyEarthylene has similar performance properties to traditional petroleum based polymers, officials said, and can be produced in most of the forms and colors desired by prospective customers. It also can be dropped into existing standard manufacturing processes, they added.
Verde has made its materials at a plant in Fullerton, Calif., since 2019. The firm uses a combination of bio-based feedstocks and combines those materials with polyethylene, polypropylene or other resins.
Officials identified materials firm Braskem SA of Brazil as "a strategic supplier" to Verde. "As Verde continues to grow its business, we expect Verde's relationship with Braskem to continue to expand as well," they said.
In April, Verde launched a North American distribution deal with Vinmar Polymers America
of Houston, which was looking to expand its sustainable materials lineup. Gordon told Plastics News
at the time that Verde's materials are shelf-stable and will biodegrade in landfills. He added that they are separate from existing polylactic acid (PLA) or polyhydroxyalkanoate (PHA) bioplastics.
Gordon also said that Verde has three extrusion lines in Fullerton, and that because of increasing demand, all three will be running by the end of the year.