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Symphony Environmental makes progress in battle against COVID-19

Snapshot

  • Symphony specialises in biodegradable plastic 
  • Rising interest in d2w technology from the Middle East 
  • Anti-microbial range seeing big boost from coronavirus
Symphony

Quick facts: Symphony Environmental Technologies PLC

Price: 18.35 GBX

AIM:SYM
Market: AIM
Market Cap: £32.43 m
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What Symphony Environmental Technologies does

Symphony Environmental Technologies PLC (LON:SYM) develops additives that make plastic biodegradable.

Its core d2w oxo-biodegradable technology contains a mixture of salts that are added to raw plastic in the factory.

Within two years, plastic containing d2w will biodegrade so long as it is exposed to oxygen.

Symphony’s d2p technologies provide protection against bacteria, fungi, insects, corrosion, odours, and fire.  

Applications of d2p include anti-microbial, insecticide, flame retardant, odour and moisture adsorbers, rodent repellents and corrosion inhibitors.

The company also offers d2pAM technology, which has recently been shown to be effective at combating COVID-19 when used in protective equipment.

 

How it is doing

In late November, the company highlighted a highly successful coronavirus (COVID-19) test of antiviral gloves and masks containing the its d2pAM antimicrobial technology.

The assessment carried out at the Laboratory of Virology at the University of Campinas, Brazil, saw researchers look at how effectively the protective equipment was able to combat the coronavirus strain MHV. This is the same genus and family as SARS-CoV-1, SARS-CoV-2/COVID-19 and MERS.

The results were impressive. The d2pAM glove showed a 99.99% virus-reduction after only one hour of contact. The d2pAM facemask showed a 99% virus-reduction after one hour of contact with the facemask, and 99.9% after two hours.

Meanwhile, the company has also been on a tear in terms of product launches, announcing in mid-November the launch of a new reusable plastic bag product using its d2p ethylene adsorber technology which is designed to keep climacteric fruit and vegetables – those that continue to ripen after being picked – fresher for longer.

This in turn was preceded in October by the launch of new biodegradable and antimicrobial drinking straws, which also use the d2p technology, by Symphony’s partner Promociones Fantásticas.

Symphony has also inked a deal with Uno Bakery, the largest bakery chain in Turkey, to launch a a biodegradable packaging programme using its d2w technology.

Uno is the first major bakery in Turkey to upgrade most of its packaging with d2w biodegradable technology, Symphony said. The collaboration follows a similar partnership the company has with the largest bakery in Mexico.

Elsewhere, the company’s associate, Eranova, completed a €6mln financing in October to fund a green algae project in France.

The project aims to construct a plant that will produce bio-sourced resins which don’t use food resources in their creation. The resins are approved for use with food contact and therefore are suitable for use as recyclable packaging.

The proceeds of the financing will pay for the start of construction in Port St Louis, near Marseille, which is expected to complete by the end of April 2021.

In its results for the six months ended June 30, 2020, the company reported a pre-tax profit of £18,000 compared to a loss of £86,000 in the previous year, while revenues increased to £4.8mln from £4.1mln.

Symphony attributed the higher revenues to growth in sales of its biodegradable d2w plastic technology within its main markets.

 

What the boss says: Michael Laurier, chief executive

Commenting on the outcome of the d2pAM tests in December, Laurier said: "These test results are a significant step forward in our global marketing campaign to promote the importance of using our d2p technology in these everyday essential products.”

“We believe this is a major breakthrough in the fight against COVID. These masks and gloves will provide essential additional protection for everyone, especially for staff, patients, and visitors in a hospital or care-home environment”, he added.

 

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