Sign up
Oil Capital

Itaconix shares double in value as collaboration with AkzoNobel moves to the marketing phase

The pair still have to hammer out definitive terms, but a definitive agreement is expected before the year-end
lab worker
The majority of the company's products are bio-based, being derived from itaconic acid

Itaconix PLC (LON:ITX) shares doubled in value after it and the chemicals giant AkzoNobel moved from the technical evaluation phase to defining a joint marketing effort for the former's bio-based chelates used in detergents and cleaners.

Itaconix said in a statement that commercial details remain to be finalised; however, it added both sides expect to complete agreements before the end of the year

READ: Itaconix ends quarter with a growing number of active customers

"The goal is to establish a strong multi-year relationship to deliver Itaconix's innovative bio-based chelates to customers worldwide, thereby supporting the development of high performance, sustainable, consumer products using Itaconix technology," it added.

The company makes innovative polymers and has an exclusive supply and marketing agreement with Croda for its polymer-based odour removal additive ZINADOR.

Other products under Itaconix’s banner include: Itaconix CHT, a water conditioner for binding calcium that replaces banned phosphates; RevCare NE, a bio-based hair-styling polymer; and Eurero RP103, a stubborn stain removal product.

The majority of its products are bio-based, being derived from itaconic acid, which in turn is taken from corn starch, so the products are sustainably sourced, helping its customers improve the sustainability of their own consumer products.

The stock rose 103% to 11.7p.

 

Ian_55ae0ddd437b7.jpg
Why Invest In Itaconix Plc? Read More Here

Register here to be notified of future ITX Company articles
View full ITX profile View Profile
Newswire

Itaconix focusing on 2018

View All

Related Articles

© oil Capital 2018

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.