Last checked at 9 Feb 2022 07:00
Itaconix plc
("Itaconix" or the "Company")
First Trial for Company's Sustainable Superabsorbent
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in plant-based specialty polymers used as essential ingredients in everyday consumer products, is pleased to announce that it has supplied product for the first production trial using the Company's plant-based superabsorbent, VELAFRESH® SAP80.
VELAFRESH® SAP80 is being trialed by a leading supplier to companies that produce baby diapers, feminine hygiene products, adult diapers, and industrial absorption products. This follows the Company's production trials for VELAFRESH® SAP80 in 2021. If the prospective customer's trials are favourable, potential Itaconix revenues are expected to start in 2023.
Increasing consumer interest in more sustainable hygiene products is generating new addressable markets for Itaconix's plant-based polymers. The worldwide market for superabsorbent polymers (SAPs) was estimated at $9.0 billion in 2020 and is supplied almost entirely by fossil-based polymers due to the higher cost or lower performance of current plant-based polymers. The Company believes VELAFRESH® SAP80 offers a superior level of performance, cost, and availability for brands and consumers that are seeking more sustainable hygiene products.
John R. Shaw, CEO of Itaconix, said:
"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.
"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 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."
Enquiries:
Itaconix | +1 (603) 775 4400 |
John R. Shaw/Laura Denner | |
Belvedere Communications | +44 (0) 20 3687 2756 |
John West/Llew Angus | |
finnCap | +44 (0) 20 7220 0500 |
Ed Frisby/Abigail Kelly/Milesh Hindocha - Corporate Finance Andrew Burdis/Sunila de Silva - ECM |
About Itaconix
Itaconix uses its proprietary plant-based polymer technology platform to produce and sell specialty ingredients that improve the safety, performance, and sustainability of consumer products. The Company's current ingredients are enabling and leading new generations of products in detergents, hygiene, and hair care. Itaconix's contributions to the global low carbon economy are recognised by the London Stock Exchange's Green Economy Mark.
www.itaconix.com