Danimer Scientific files for bankruptcy

Danimer Scientific began more than a decade ago with the simple belief that they could make the world a little bit better. The goal was to replace fossil-based plastics with biobased alternatives like PHA & PLA and was considered a pioneer in the field of natural biopolymers that are biodegradable and compostable.

In 2020, the company went public, and things looked good for Danimer Scientific for a while [1]. In 2021, the governor of Georgia, Brian P. Kemp announced plans to invest USD 700 million in expanding Danimer’s Bainbridge manufacturing operations, nearly quadrupling their workforce in Decatur County [2].

End of last year, long-time CEO Stephen Croskrey retired and was succeeded by interim CEO Richard Altice – at the time “the Company maintained its forecast that annualized PHA revenues will more than triple by the end of the second quarter of 2025, based solely on demand from existing customer relationships and their indicated volumes, including the aforementioned cutlery award, which remains on track.”

Unfortunately, it seems that cash flow did not come in time for Danimer, and we will have to wait and see what happens to all that technology in the future (including the 125 patents Danimer holds in nearly 20 countries). AT

danimerscientific.com

[1] www.bioplasticsmagazine.com/en/news/meldungen/20201005-Danimer-Scientific-announces-deal-to-go-public.php
[2] www.bioplasticsmagazine.com/en/news/meldungen/20210330-Danimer-Scientific-Planning-700-Million-400-Job-Expansion-in-Decatur-County.php