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Symphony Environmental jumps on result of independent review into oxo-biodegradable plastics

The review, commissioned by the company and conducted by former High Court deputy judge Peter Susman QC, said the case for the technology was “clear and compelling”

Plastic floating in ocean
Susman said the benefits of oxo-biodegradable technology were “obvious”

Symphony Environmental Technologies plc (LON:SYM) shares jumped in early trading Monday as it has hailed the result of an independent review into its oxo-biodegradable plastic technology.

The review, commissioned by the company and conducted by former High Court deputy judge Peter Susman QC, found that based on various pieces of scientific evidence the case for the technology was “clear and compelling”.

READ: Symphony Environmental revenues rise but so does marketing spend

In a 14-page opinion, Susman said the benefits of oxo-biodegradable technology in reducing plastic pollution were “obvious” and that criticism that the technology would encourage littering was “fanciful and unrealistic”.

The evidence considered in the review included the January 2018 report of the EU Commission, the Loughborough Report for the UK Government, and the 2016 Eunomia Report for the EU Commission, with Susman examining the processes of abiotic and biotic degradation of plastics, looking specifically at degradation in air and in seawater.

Susman added that it was no longer “tenable” to say there was no firm evidence that oxo-biodegradable technology was effective, with recent research providing clear indications that the technology was effective in facilitating “significantly speedier degradation than is the case when that technology is not used”.

Michael Laurier, chief executive of Symphony, said that in addition to the conclusions of the report, the technology also conforms to the EU’s Packaging Waste Directive and was “the only oxo-biodegradable product” to be awarded an ABNT Ecolabel, a voluntary method of environmental performance certification in Brazil.

Shares were up 23.5% at 10.5p.

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Quick facts: Symphony Environmental Technologies PLC

Price: 7.15 GBX

AIM:SYM
Market: AIM
Market Cap: £12.16 m
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