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Itaconix soars as it inks second application agreement with AkzoNobel

AIM-listed Itaconix will work with AkzoNobel’s specialty chemicals division to develop bio-based chelates which will be used in the detergents and cleaners industry

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Detergent makers are looking for more sustainable and more eco-friendly replacements for phosphates

Shares in Itaconix Plc (LON:ITX) soared on Tuesday Morning after the functional polymers specialist signed an application agreement with Dutch chemicals giant AkzoNobel.

AIM-listed Itaconix will work with AkzoNobel’s specialty chemicals division to develop bio-based chelates which will be used in the detergents and cleaners industry.

Companies are increasingly looking for more eco-friendly alternatives to phosphates, which are gradually being phased out due to concerns over their effects on the environment.

The two firms hope that by using Itaconix’s technology they can create a renewable polymer which is just as effective but not as harmful.

Any products that come out of this collaboration will be marketed under AkzoNobel’s Dissolvine brand.

“Our success to date in North America and Europe demonstrates the breakthrough potential for our novel bio-based polymer technology in everyday homecare products,” said Itaconix president of US and global homecare John Shaw.

Annika Karlsson, RD&I director at AkzoNobel added: “This is the latest example in a series of agreements to expand the use of Itaconix polymers.

“Being able to use renewable polymers like these presents a significant sustainability advantage for our customers and will help us to grow our business.”

Today’s application agreement is the second such deal struck between Itacnoix and AkzoNobel, with the two having partnered up back in July to develop polymers for use in the coatings and construction industries.

Shares in Itaconix jumped 11.5% to 23.7p in morning trade on Tuesday.

Quick facts: Itaconix PLC

Price: 1.425 GBX

AIM:ITX
Market: AIM
Market Cap: £3.84 m
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