Chemical technologies company Plaxica has formed a collaboration with Invista Performance Technologies (IPT) to accelerate the commercialization of its technology, the companies announced.
Plaxica’s bio-derived lactic acid technology produces low-cost lactic acid from non-food based sugars, including those from industrial waste streams. Its primary source is hemicellulose by-products from the paper and pulp industry.
IPT is the technology and licensing unit of Invista, a major producer of chemical intermediates, polymers and fibers under brands including Lycra, Coolmax, Cordura, Stainmaster and Antron.
Under the agreement, IPT will provide engineering, technical and commercial support to Plaxica. The two companies will work together to develop and commercialize Plaxica’s lactic acid technology, which is anticipated to offer substantial cost and performance benefits to licensees in the polylactic acid and bio-propylene glycol value chains.
As part of the deal, Invista will have an option to acquire an equity stake in Plaxica.
Welcoming the collaboration, Plaxica’s CEO Philip Goodier said: “This deal gives us access to Invista’s considerable expertise in process technology licensing and to their global engineering, commercial and client support capabilities.
“We are confident that Plaxica’s strong technology base and existing client relationships, combined with Invista’s expertise and reputation built over many years of successful licensing in the global polyester industry, will strengthen and accelerate the commercialisation of our technologies.”
Mike Pickens, IPT president, added that Plaxica’s technology “offers an exciting opportunity to add to our technology licensing portfolio in a growing sector.”
Plaxica’s lactic acid technology will soon be available from Invista.