Danimer Scientific, a company that produces biopolymers for biodegradable plastics, has signed a memorandum of understanding (MoU) with Hyundai Oilbank, the South Korean oil refinery subsidiary of Hyundai Heavy Industries, for the commercial development of polyhydroxyalkanoate (PHA), a biopolymer that replaces traditional plastic.

In the short term, the two companies will focus on marketing Danimer Scientific’s PHA biopolymer products, including its signature brand Nodax to South Korean and Asian commercial customers for new applications including single-use packaging materials. The long-term aim of the companies is to research applications and global market opportunities for PHA. 

Analyst QuickTake: With this new partnership, Danimer Scientific is looking to expand the application of its bio-based polymer beyond use in consumer products. The partnership with Hyundai Oilbank adds to the long list of consumer product partnerships of Danimer Scientific. These include companies such as PepsiCo, Nestlé, Mars Wrigley, and Bacardi, among others, with whom the company has worked to introduce sustainable solutions for straws, food and beverage containers, and flexible packaging.