Novomer Inc., a company that wants to make plastic wrap out of carbon dioxide (CO2) will receive production assistance from Kodak (NYSE: EK).
Novomer is a company spun out of Cornell University. It has developed a process for making polypropylene carbonate (PPC) materials for packaging and coating
applications from bottles to film. Novomer said the process uses up to 50% less
energy than traditional plastics manufacturing and removes carbon dioxide from the environment.
A partnership with Kodak Specialty Chemicals and the Rochester Institute of Technology will direct $800,000 in funding from the New York State Energy Research and Development Authority (NYSERDA) to develop pilot-scale production.
Novomer says its PPCs offer an improved oxygen barrier, beneficial for food packaging needs to maintain freshness and prevent spoilage. They also claim a unique combination of impact resistance and stiffness not seen in commodity plastics today. These characteristics would allow for less material to be needed for the same applications. Additionally, the resulting reduction in weight would also reduce energy and transportation costs throughout the supply chain.
"Currently, 10% of oil in the United States is used for plastics manufacturing and packaging," said Jim Mahoney, CEO of Novomer. "Novomer’s ability to reduce petroleum usage by at least 50%–while also converting CO2 from pollution into valuable materials — has the potential to transform the plastics and materials landscape on a global scale."
Novomer is partnered with equity investors Flagship Ventures, Physic Ventures, OVP Venture Partners, DSM Venturing and KensaGroup, and has received support from the Department of Energy, National Science Foundation and the State of New York.
The company raised $14 million in Series B funding in August 2009.
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