Danimer Scientific Inc. is working with Chevron Phillips Chemical Co. on a new production method for bioplastic resins.
Danimer of Bainbridge, Ga., and CP Chem of The Woodlands, Texas, are looking to adapt CP Chem's loop slurry reactor design to make Danimer's Rinnovo-brand polyhydroxyalkanoate (PHA) resins. In a Sept. 22 news release, Danimer officials said that if successful, the reactor design is expected to drive higher production volumes and lower overall costs, as compared to the current design.
Danimer CEO Stephen Croskrey said that CP Chem's loop slurry technology "is one of the world's most renowned processes for producing polyolefins efficiently and economically."
He added that the Danimer and CP Chem collaboration "enhances our strategy of accelerating the production of our biodegradable polymers to better serve our customers and reduce the environmental impacts of plastic waste."
CP Chem Senior Vice President Jim Telljohann said that the collaboration "is illustrative of CP Chem's commitment to advance programs in support of our product sustainability, circularity and climate efforts."
Danimer has had a busy year in 2021. In July, Danimer acquired bioplastics technology firm Novomer Inc. for $152 million. And in March, the firm announced plans for a major $700 million expansion of its operations in Bainbridge.
But two public reports — one in March from the Wall Street Journal and one in April from financial firm Spruce Point Capital — have questioned the firm's future prospects. Danimer's stock price was around $50 in mid-March, but was less than $16 in late trading Sept. 22.
In the first half of 2021, Danimer posted sales of $27.7 million, up 24 percent vs. the same period in 2020. The firm had a loss of $55.5 million for that six-month period after losing $3.5 million in the first half of 2020.