P2 Science Inc., a venture-backed, biorenewable chemistry company, opened is green chemistry advanced manufacturing plant in Naugatuck, Connecticut.
P2 has developed a set of green chemistry technologies for converting renewable feedstocks into high-value specialty products. According to company officials, the plant is the first of its kind in the world and the US 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, officials explained. 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.
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.”
The plant project was supported by US 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. P2 said it has attracted $7.5 million in direct overseas investment, created 15 jobs and expects to more than double its census when the plant is running at full capacity.
