26 July 2017
Itaconix plc ("Itaconix")
AkzoNobel and Itaconix finalize first bio-based polymer application agreement
Itaconix has finalized the first application agreement for bio-based polymers to result from its collaboration with AkzoNobel's Specialty Chemicals business, announced earlier this year. This application agreement involves AkzoNobel's Performance Additives unit developing applications for Itaconix polymers to be used in the coatings and construction industries.
"We are pleased to be announcing the first in a series of agreements to develop these polymers for commercial use," said Peter Nieuwenhuizen, RD&I Director for AkzoNobel's Specialty Chemicals business. "Being able to incorporate polymers made from renewable bio-based raw materials will give a significant sustainability advantage for our customers and also fits closely with our own Planet Possible sustainability agenda of doing more with less."
Under the agreement, Itaconix will contribute its proprietary polymers from itaconic acid, which are obtained from sugars through fermentation. Continued Nieuwenhuizen: "In addition to applications in coatings and construction materials, bio-based polymers have the potential to be used in a range of other everyday essentials, ranging from improving water quality to cleaning and hygiene products." Nieuwenhuizen also pointed out that the collaboration with Itaconix is another example of AkzoNobel's approach to embracing open innovation to help find more sustainable solutions.
Dr. Kevin Matthews, CEO of Itaconix, added: "This is the first commercial step in our joint development agreement to collaborate on delivering valuable solutions to AkzoNobel customers with the novel performance of our polymers. We are excited to further strengthen our relationship with AkzoNobel and look forward to combining their deep application knowledge with our unique chemistries to build key product positions in these large and important markets."
For further information please contact:
+44 (0) 1244 283 500
Kevin Matthews / Rob Cridland
+44 (0) 207 496 3000
Richard Lindley / Liz Yong (Corporate Finance)
Nick Owen (Corporate Broking)
Charlie Jack / Emily Dillon +44 (0) 207 796 4133
Itaconix is developing proprietary active ingredients that meet the performance and price needs of its customers and offers them improved safety and sustainability, thereby helping to deliver on the global sustainability agenda, with particular emphasis on the Personal Care and Homecare markets.
This information is provided by RNS