Lummus Technology takes lead position in RWDC Industries, accelerating development of first commercial-scale PHA facility
Lummus Technology has taken a lead investor position in RWDC Industries' convertible bond round, further strengthening the partnership between the two companies to bring polyhydroxyalkanoates (PHA) to the global market.
Strategic investment accelerates development of the first commercial-scale PHA facility, driving global adoption of eco-friendly plastics to mitigate environmental and health concerns
This strategic investment marks a significant milestone in commercialization of PHA, a biodegradable and environmentally safe alternative to petroleum-based plastics that can help mitigate the accelerating health concerns associated with persistent plastics and microplastics in the environment and support the development of a circular economy.
Since signing a binding Joint Development and Commercial Cooperation Agreement in September 2023, Lummus and RWDC have made substantial progress in their shared mission to accelerate worldwide adoption of PHA and prepare the technology for global licensing. The engineering phase of RWDC's first commercial-scale PHA facility is nearly complete, with detailed engineering and preconstruction activities set to be finalized in the coming months. Lummus' lead investment in RWDC's convertible bond round will enable completion of these final stages, targeting groundbreaking of the facility in early 2025.
"Lummus' investment in RWDC is a testament to our unwavering commitment to commercializing PHA and advancing the circular economy of the polymer industry," said Leon de Bruyn, President and Chief Executive Officer, Lummus Technology. "By combining our expertise in process technology with RWDC's innovative PHA production capabilities, we are poised to make a significant impact on the world's transition to sustainable and more carbon neutral materials."
"Lummus' support as the lead investor in our convertible bond round is a major step forward for RWDC and the future of PHA," said Dr. Daniel Carraway, Chief Executive Officer, RWDC. "This investment not only accelerates our journey towards construction of our first commercial-scale PHA production facility but also validates the immense potential of our technology in addressing the global challenge of plastic pollution."
Comments