Novomer and Penford Enter Into Joint Development Agreement
18 January 2012 - 2:51AM
Marketwired
Novomer Inc., a new materials company pioneering a family of
high-performance plastics and polymers using renewable feedstocks
such as carbon dioxide, and Penford Corporation, a company with
significant business and expertise in specialty starches and
sustainable bio-products, today announced that they have entered
into a Joint Development Agreement that will leverage the two
companies' core technologies and expertise.
The new alliance was created to accelerate the development and
commercialization of innovative Starch-Polypropylene Carbonate
polymer composites. Although its use has been limited due to
inherent performance characteristics, starch, comprised of
plant-based, biodegradable polymers, has long been targeted as a
cost effective, renewable material for a broad range of packaging
applications. When modified, starch can be compatible with other
polymers to extend the use and modify the properties of those
polymers for targeted uses. Polypropylene Carbonate (PPC), a
thermoplastic polymer composed of nearly 50% by weight of waste
CO2, has superior mechanical and barrier properties, and a chemical
backbone that is compatible and likely synergistic with modified
starch. It is anticipated that the creation of starch-PPC
composites will yield low cost, environmentally sustainable
packaging polymers suitable for the multi-billion dollar global
packaging materials market.
"Governments and companies, especially those in packaged goods
markets around the globe, continue to place a heavy emphasis on
initiatives aimed at reducing carbon levels in the atmosphere and
creating alternatives to petroleum based plastics," said Peter
Shepard, Executive Vice President of Novomer. "We believe that the
combination of Novomer's extensive PPC technology with Penford's
lower cost, renewable starch products will create truly novel and
cost effective packaging materials and a new avenue to address
these market needs."
"This is an exciting opportunity to further expand our efforts
to develop and commercialize cost effective, sustainable
bio-products," said Penford's Director of Business Development,
Michael Friesema. Adding to this, Dr. Wallace Kunerth, Penford's
Chief Science Officer, said, "Novomer's expertise in sustainable
polymers combined with Penford's expertise in specialty starch
based formulations provide an opportunity to create
highly-functional, cost-effective, and renewable thermoplastics to
extend or replace petroleum-based plastics in barrier films and
structured articles."
About Novomer Novomer (www.novomer.com) is
a revolutionary new materials company pioneering a family of
low-cost, high-performance, sustainable plastics, polymers and
other chemicals. Based on the pioneering catalyst work of Dr. Geoff
Coates at Cornell University, Novomer's groundbreaking technology
allows carbon dioxide and other renewable feedstocks to be
cost-effectively transformed into polymers, plastics and commodity
chemicals for a wide variety of industrial markets. The company is
partnered with equity investors Flagship Ventures, Physic Ventures,
OVP Venture Partners and DSM Venturing and has received significant
financial support from the U.S. Department of Energy, National
Science Foundation and the State of New York.
About Penford Penford Corporation is a
publicly traded company (NASDAQ: PENX) (www.penford.com) that
develops, manufactures and markets specialty ingredients for a
variety of industrial and food applications. Products include a
broad line of modified starches for paper and packaging, biofuels,
sustainable bio-products to displace petroleum-based chemicals and
specialty food ingredients. Penford has seven manufacturing and/or
research locations in the United States.
For more information: Kevin Kosh CHEN PR, Inc.
781-672-3111 Email Contact
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