Danimer Scientific produces polyhydroxyalkanoate (PHA), a 100% biodegradable and renewable plastic that uses canola oil as feedstock. The company currently produces its PHA—trade named Nodax—at an industrial-scale facility in Winchester, Kentucky. Customers include PepsiCo, Nestlé, Genpak, WinCup, Columbia Packaging Group and Plastic Suppliers Inc.
“We are excited to partner with Live Oak and transition Danimer to be a public company,” says Danimer CEO Stephen E. Croskrey in a statement. “We are at an inflection point in our growth trajectory and this transaction will fuel the next phase of our rapid commercial expansion. Our research-based approach to creating environmentally responsible solutions has attracted a blue chip, multinational customer base and our partnership with Live Oak will allow us to further scale production to meet strong customer demand for our technology.” Croskrey will remain CEO.
The company is fully financed at closing of the merger to expand production capacity from its current 20 million pounds annually to approximately 200 million pounds in 2025, at which point management expects revenue of over $500 million. The transaction implies an equity valuation for Danimer of approximately $890 million at closing.