31. Jan 2022
TerraVerdae Bioworks Inc. is pleased to announce that it has signed a binding letter of intent to acquire 100 per cent of the equity of PolyFerm Canada.
TerraVerdae is a world-leading performance biopolymers company dedicated to developing sustainable alternatives to petroleum-based plastics in order to reduce climate impacts and the growing build-up of plastic trash on land and in water.
PolyFerm has a unique technology portfolio of biobased and biodegradable elastomeric polymers known as medium chain length polyhydroxyalkanoate (mcl-PHAs). The addition of PolyFerm will strengthen TerraVerdae’s core capabilities and enhance the Company’s ability to produce biopolymers and resins for a wider range of applications, including for films, coatings and adhesives.
“We are excited about PolyFerm becoming part of our Company and look forward to closing this important transaction and sharing more details in the near term,” said William Bardosh, CEO of TerraVerdae. Mr. Bardosh added, “The addition of PolyFerm’s capabilities and know-how represents a significant opportunity for TerraVerdae to advance new and valuable solutions to help the world develop sustainable plastic solutions that can reduce its carbon footprint.”
As part of the acquisition, Dr Bruce Ramsay, President of PolyFerm, will join the TerraVerdae team to help expand its PHA technology development programs. Dr Ramsay is a recognized leader in the field of biobased elastomeric PHA technologies. With over 30 years of significant achievements, he has developed a unique intellectual property portfolio in medium chain length (mcl) PHA technologies.
“I am very pleased to be joining one of the biopolymer industry’s leading product development teams,” said Dr. Ramsay. “And, I look forward to accelerating TerraVerdae’s development process with the exceptional resources available at the Company.”
The transaction is anticipated to close in the second quarter of 2022.