DANIMER SCIENTIFIC
PHA producer reportedly insolvent
— By Plasteurope.com staff —
US manufacturer of biopolyester polyhydroxyalkanoate (PHA) Danimer Scientific (Bainbridge, Georgia; www.danimerscientific.com) has filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code, according to media reports.
US manufacturer of biopolyester polyhydroxyalkanoate (PHA) Danimer Scientific (Bainbridge, Georgia; www.danimerscientific.com) has filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code, according to media reports.
 The company from Bainbridga, Georgia, is facing an uncertain future (Photo: Danimer Scientific) |
Four years ago, the company had announced plans to build a large plant in the US state of Georgia for the production of PHA under the Nodax brand. Around USD 700 mn (EUR 640 mn) was to be invested in the project. The company said it hoped that PHA would have great potential for use in protective and shrink films, straws, and coffee capsules, among other things.
However, Danimer generated revenue of only USD 7.63 mn in the second quarter of 2024, with an adjusted EBITDA of USD -9.87 mn. The company has not published any more results after this. In December 2024, it planned to raise USD 11.25 mn in fresh money via promissory notes. Danimer had held out the prospect of interest of 15%, which was to be paid in kind.
19.03.2025 Plasteurope.com [257596-0]
Published on 19.03.2025