Bioplastics maker Meredian Inc. is working with investment bank Piper Jaffray to find additional investors.
“Our company is at the leading edge of this innovative technology, and growth capital is of course key to our business plan as we move forward,” executive board chairman Paul Pereira said in a July 1 news release.
The announcement comes less than two years after Bainbridge, Ga.-based Meredian opened its first commercial production plant making PHA bioresin. Meredian-brand PHA is based on oils from soybeans, cottonseed or corn. The resins can be used in films, extrusion coatings, bottles and other rigid packaging. Meredian-brand PHA also recently became FDA-approved for food substance contact.
Piper Jaffray is based in Minneapolis.
Meredian’s sister company — Danimer Scientific LLC — bought the PHA technology used by Meredian from consumer products giant Procter & Gamble Co. in 2007.