Canada-based polyhydroxyalkanoate (PHA) resins manufacturer TerraVerdae Bioworks Inc. has signed a binding letter of intent to acquire PolyFerm Canada, the company announced. The acquisition will allow TerraVerdae to further expand its PHA technology portfolio to include biopolymers and resins for a wider range of applications, including for films, coatings and adhesives.The transaction is anticipated to close in the second quarter of 2022.
PolyFerm has developed technology to produce bio-based and biodegradable elastomeric medium chain length PHAs, claimed to be the only biodegradable thermoelastomers made entirely from renewable feedstocks and addressing a large unmet need. Branded as “VersaMer PHA,” they are made from renewable resources such as sugars and vegetable oils and feature excellent elongation-at-break, water-resistance and gas barrier properties. Current applications include adhesives and sealants, plastic additives, inks and toners, coatings and the medical devices markets.
“The addition of PolyFerm’s capabilities and know-how represents a significant opportunity for TerraVerdae to advance new and valuable solutions to help the world develop sustainable plastic solutions that can reduce its carbon footprint,” said William Bardosh, CEO of TerraVerdae.
Bruce Ramsay, president of PolyFerm Canada and recognized leader in the field of bio-based elastomeric PHA technologieies, will join the TerraVerdae team to help expand its PHA technology development programmes. With over 30 years of significant achievements, he has developed a unique intellectual property portfolio in medium chain length PHA technologies.
TerraVerdae Bioworks was established in 2009. The company operates product development and pilot-scale production facilities in Canada in Edmonton, Alberta, and Charlottetown, Prince Edward island and has received funding from the federal government and other investors.
In 2020, TerraVerdae was awarded C$4.5 million from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to expand its product development facilities in Edmonton. In 2021, the company received a grant of up to $1 million through the Canadian Agricultural Clean Technology Program to develop a new generation of biodegradable bioplastic film and injection moulded products targeting agriculture applications such as mulch film and seed trays. The project intends to displace conventional petroleum-based agricultural plastics.