P2 Science Inc., a venture-backed, biorenewable chemistry company, held the ribbon cutting for its green chemistry advanced manufacturing plant in Naugatuck, CT. The plant is the first of its kind in the world and the U.S. patent covering the core technology was issued on September 11th, 2018.
Commercial production at the plant starts in October and will focus on renewable intermediates and ingredients for fragrances, flavors and cosmetics. Customers from around the globe will use many of the novel and high-performing ingredients produced from the Naugatuck plant. The plant is designed to be expanded easily at the current site, which can also accommodate additional production units.
The plant project was supported by U.S. equity investors Elm Street Ventures, Connecticut Innovations and Ironwood Capital. Overseas Investors BASF Venture Capital of Germany and Xeraya Capital of Malaysia led the latest round of financing. The Connecticut Department of Economic and Community Development also provided advantageous debt financing to support growth at the company. Jobs Created by P2 to date number 15 and this will more than double when the plant is running at full capacity. P2 has brought in overseas direct investment of $7.5M
Speaking at the event in Nauguatuck were Nancy Wyman, lieutenant governor of the State of Connecticut; Catherine Smith, commissioner of the Connecticut Department of Economic and Community Development; Professor Paul Anastas of Yale University; Patrick Foley of P2 Science; Michael Nettersheim of BASF Venture Capital; Hapiz Abdullah of Xeraya Capital and Neil Burns, CEO of P2 Science. Attendees included customers and partners from around the world, including Italy, Malaysia, Japan and Germany.
Neil Burns, CEO, cited the building of the plant as evidence that the “American dream of advanced manufacturing, highly skilled jobs, and entrepreneurial vigor, is thriving today in Connecticut.” Patrick Foley, CSO, said “We couldn’t have done it without the state of Connecticut.”
About P2 Science
P2 Science is renewable chemistry company. The scientific co-founders of P2, Professor Paul Anastas and Dr. Patrick Foley, worked together at the Yale Center for Green Chemistry and Green Engineering. Neil Burns, CEO, has spent much of his prior career in the surfactants and oleochemicals industries.
Headquartered in Woodbridge, Connecticut, P2 has developed a set of green chemistry technologies for converting renewable feedstocks into high-value specialty products. Investors in P2 include BASF Venture Capital, Xeraya Capital, Elm Street Ventures, Connecticut Innovations and Ironwood Capital. The company is also a recipient of debt financing from the CT Department of Economic and Community Development. For more information, visit www.p2science.com.