Innovative biobased polyols for use in high performance coatings for ships, marine vessels, and steel piping.
BAINBRIDGE, Ga., September 24, 2024--(BUSINESS WIRE)--Danimer Scientific, Inc. (NYSE: DNMR) ("Danimer"), a leading, next-generation biotechnology company focused on the production of biomaterials, announces an award from the U.S. Department of Defense via the Distributed Bioindustrial Manufacturing Program (DBIMP).
Danimer Scientific has been awarded $1.36 million to develop plans for a facility to produce biobased polyols that can be converted into high-performance coatings for ships, marine vessels, and steel piping. These biobased coatings have superior properties to petroleum-based incumbents. Upon completion of its work under the current award, Danimer may become eligible to receive a follow-on award that could provide access to up to $100 million to build a U.S.-based manufacturing facility.
The award is conferred as part of the White House's Executive Order 14081, "Advancing Biotechnology and Biomanufacturing Innovation for a Sustainable, Safe, and Secure American Bioeconomy," aimed at bolstering America's bioeconomic strengths while helping the Department of Defense achieve advanced defense capabilities. Through these awards, companies receive funding to produce business and technical plans that detail construction of domestic bioindustrial manufacturing production facilities under the Defense Industrial Base Consortium (DIBC) Other Transaction Agreement (OTA), a contract vehicle awarded and overseen by the Office of the Assistant Secretary of Defense for Industrial Base Policy.
"We are excited to receive this funding to continue developing our innovative polyol biotechnology, and proud to support the efforts of the Department of Defense through the DBIMP and Executive Order 14081," Stated Danimer Chief Science and Technology Officer Phil Van Trump.
About Danimer Scientific
Danimer is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than two decades, its renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable and return to nature instead of polluting our lands and waters. Danimer’s technology can be found in a vast array of plastic products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, films and injection-molded articles, among others. Danimer holds more than 480 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit https://danimerscientific.com
About the Department of Defense Distributed Bioindustrial Manufacturing Program (DBIMP)
Following a competitive evaluation of proposed solutions, the Department entered negotiations with more than 30 selectees for business and technical planning efforts across focus areas for defense materials: fabrication, firepower, fitness, food, and fuel. Upon completion of planning efforts, businesses are eligible to enter negotiations to proceed to the next phase of the DBIMP under the DIBC, wherein the DoD will support building bioproduction infrastructure that increases the domestic supply of critical materials. DBIMP awards are conferred as part of the White House's Executive Order 14081, "Advancing Biotechnology and Biomanufacturing Innovation for a Sustainable, Safe, and Secure American Bioeconomy," aimed at bolstering America's bioeconomic strengths while helping the Department achieve advanced defense capabilities.
Please note that in this press release we may use words such as "appears," "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on our products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to our products; the Company’s exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company’s manufacturing facilities and suppliers, as well as consumer demand for our products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact on our business, operations and financial results from the ongoing conflict in Ukraine; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, our information systems; the ability of our information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; our ability to properly maintain, protect, repair or upgrade our information technology systems or information security systems, or problems with our transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; our ability to utilize potential net operating loss carry forwards; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.