BAINBRIDGE, Georgia, July 05, 2022–(BUSINESS WIRE)–Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced that She had been invited to submit a Part II Loan Guarantee Application under the U.S. Department of Energy’s (DOE) Title XVII Loan Guarantee Program. The LPO’s invitation to the Company to submit a loan guarantee application in Part II reflects the LPO’s determination that the project meets the technical eligibility requirements set out in the applicable LPO solicitation on the basis of documents submitted to the DOE on the date of its determination. If successful, the DOE loan guarantee would help fund the company’s Greenfield expansion in Bainbridge and its Rinnovo plant which is expected to be located in the Gulf States region. The Part II application process involves following and going through a number of steps that could ultimately lead to a conditional commitment and final loan from the United States Department of Treasury, Federal Finance Bank, guaranteed by the DOE. . However, there can be no assurance that the DOE will invite the Company into the process of due diligence and negotiation of terms and conditions, issue a loan guarantee, or that we will be able to secure a loan on terms satisfactory to the Company. The foregoing matters are entirely dependent upon the results of DOE’s review and assessment of a Part II application and DOE’s decision whether or not to proceed.
Stephen E. Croskrey, President and CEO of Danimer, said, “We are delighted to have been invited by the DOE to submit an application for a Part II loan guarantee. Danimer Scientific has grown to become one of the most advanced and innovative biotech companies in the world with a mission to reduce plastic waste in the environment. We look forward to working closely with the DOE to complete the requirements for Part II of the application process.
About Danimer Scientific
Danimer is a pioneer in creating more sustainable and natural ways to make plastic products. For more than a decade, 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 is found in a wide range of plastic end products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, filaments, films and injection molded articles, among others. Danimer holds over 430 issued patents and pending patent applications in over 20 countries for a range of biopolymer manufacturing processes and formulations. For more information, visit www.DanimerScientific.com.
Please note that in this press release we may use words such as “appears”, “anticipates”, “believes”, “plans”, “expects”, “intends”, “future”. and similar expressions that 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 based on our expectations and beliefs regarding future events affecting 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 by the forward-looking statements. The potential risks and uncertainties that could cause the Company’s actual results of operations or financial condition to differ materially from those expressed or implied by the 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 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 factories to meet customer demand for its products and the timing thereof this ; risks related to the uncertainty of projected financial information about the Company; the Company’s ability to make and integrate acquisitions; changes in government regulation, legislation or public opinion regarding our products; the Company’s exposure to product liability or product warranty claims and other contingencies of loss; disruptions and other impacts on the Company’s business, due to the global COVID-19 pandemic and government actions and restrictive measures implemented in response; the stability of the Company’s manufacturing facilities and suppliers, as well as consumer demand for our products, in light of disease outbreaks and health concerns such as the global COVID-19 pandemic; the impact that global climate change trends may have on the Company, its suppliers and its customers; the Company’s ability to protect patents, trademarks and other intellectual property rights; any breach or disruption of 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, business interruptions of suppliers or other causes; our ability to properly maintain, protect, repair or upgrade our information technology systems or information security systems, or problems related to our transition to upgraded or replacement systems; the impact of negative publicity on the Company and/or its brands, including, without limitation, via social media or in connection with events detrimental to the brand and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as currency fluctuations; our ability to utilize potential net operating losses carried forward; and changes in tax laws and obligations, tariffs, legal, regulatory, political and economic risks. Further information about 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 on information available to the Company as of the date of this press release and speak only as of the date hereof. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date of this press release.
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