Itaconix PLC (LON:ITX) shares doubled in value after it and the chemicals giant AkzoNobel moved from the technical evaluation phase to defining a joint marketing effort for the former's bio-based chelates used in detergents and cleaners.
Itaconix said in a statement that commercial details remain to be finalised; however, it added both sides expect to complete agreements before the end of the year.
"The goal is to establish a strong multi-year relationship to deliver Itaconix's innovative bio-based chelates to customers worldwide, thereby supporting the development of high performance, sustainable, consumer products using Itaconix technology," it added.
The company makes innovative polymers and has an exclusive supply and marketing agreement with Croda for its polymer-based odour removal additive ZINADOR.
Other products under Itaconix’s banner include: Itaconix CHT, a water conditioner for binding calcium that replaces banned phosphates; RevCare NE, a bio-based hair-styling polymer; and Eurero RP103, a stubborn stain removal product.
The majority of its products are bio-based, being derived from itaconic acid, which in turn is taken from corn starch, so the products are sustainably sourced, helping its customers improve the sustainability of their own consumer products.
The stock rose 103% to 11.7p.