(Alliance News) - Itaconix PLC, a London-based polymers maker, on Wednesday said its plant-based superabsorbent Velafresh SAP80 is being trialled by a leading supplier to companies that produce baby diapers, feminine hygiene products, adult diapers, and industrial absorption products.
If the prospective customer's trials are favourable, Itaconix could expect potential revenue in 2023, though it doesn't provide a value of the possible contract.
Itaconix shares were trading at 3.43 pence, up 16%, on Wednesday morning, though the stock remains down 35% over the past 12 months.
The worldwide market for superabsorbent polymers was estimated at USD9.0 billion in 2022, the company noted, and is supplied almost entirely by fossil-based polymers, due to the higher cost and lower performance of current plant-based polymers.
The more sustainable Velafresh SAP80 alternative offers a better level of performance, cost, and availability for brands and consumers, Itaconic asserted, saying customer needs are "evolving" towards its plant-based solutions.
"The emergence and success of new brands responding to consumer demands for better sustainability has significantly expanded the revenue potential for our plant-based ingredients in hygiene applications, as this trial demonstrates," Chief Executive John Shaw said.
"Our technology for Velafresh SAP80 was ahead of its time when it was part of the original roots of the Itaconix business. This trial is an important milestone and a great reward for our patience and persistence as customer needs evolve towards our plant-based solutions. With this progress, we see additional opportunities to improve our offerings for sustainable hygiene products."
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Itaconix Plc (ITX)