Canada-based PHA manufacturer TerraVerdae Bioworks Inc. has signed a binding letter of intent to acquire PolyFerm Canada, the company announced. The acquisition will allow TerraVerdae to further expand its PHA technology portfolio to include biopolymers and resins for a wider range of applications, including for films, coatings and adhesives.The transaction is anticipated to close in the second quarter of 2022.
PolyFerm has developed technology to produce biobased and biodegradable elastomeric medium chain length polyhydroxyalkanoate (mcl-PHAs), claimed to be the only biodegradable thermoelastomers made entirely from renewable feedstocks and addressing a large unmet need. Branded as “VersaMer PHA,” they are made from renewable resources such as sugars and vegetable oils and feature excellent elongation-at-break, water-resistance and gas barrier properties. Current applications include adhesives & sealants, plastic additives, inks & toners, paints & coatings, and the medical devices markets.
“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,” said William Bardosh, CEO of TerraVerdae.
President of PolyFerm Canada and recognised leader in the field of biobased elastomeric PHA technologies Dr Bruce Ramsay will join the TerraVerdae team to help expand its PHA technology development programmes. With over 30 years of significant achievements, he has developed a unique intellectual property portfolio in medium chain length (mcl) PHA technologies.
TerraVerdae Bioworks was established in 2009. The company operates product development and pilot-scale production facilities in Canada in Edmonton, Alberta, and Charlottetown, Prince Edward island and has received funding from the federal government and other investors. In 2020, TerraVerdae was awarded CA$4.5 million – among others, from Alberta Innovates, Natural Resources Canada’s Clean Growth Program (CGP), advisory services and research and development funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) – to expand its product development facilities in Edmonton. Last year, the company received a grant of up to $1 million through the Canadian Agricultural Clean Technology Program to develop a new generation of biodegradable bioplastic film and injection moulded products targeting agriculture applications such as mulch film and seed trays. The project intends to displace conventional petroleum-based agricultural plastics.