Danimer Scientific, Inc. (DNMR) stock gained in the pre-market after the company announced its agreement with Hyundai Oilband in a press release. DNMR values at $4.60, gaining more than 1.7% from the previously closed value. At the end of the last trading session, the stock closed at $4.86. The stock volume traded in the last trading session was around 4.5 million shares.
Reason for the stock gain
Danimer Scientific, Inc. (DNMR) announced today that it has agreed with Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings, to collaboratively develop global new markets and applications for polyhydroxyalkanoate (PHA), a biodegradable alternative to traditional plastic.
This collaboration will first focus on supplying Nodax, Danimer’s flagship PHA, and other PHA-based compounds to business clients in South Korea and other Asian markets for ecological single-use packaging. The firms hope to expand worldwide PHA manufacturing potential.
According to the company, a global response is required to reduce the environmental impact of plastic trash. Meanwhile, they are excited to join with one of South Korea’s most influential corporate leaders, Hyundai Oilbank, to offer our sustainable materials and encourage the growth of PHA applications across Asia.
Although the considerable environmental damage caused by the burning and recovery of discarded plastics, plastic consumption keeps rising. By replacing typical plastics with biodegradable polymers, the firm can reduce pollution and is thrilled to engage with Danimer Scientific on this vital and transformative endeavor.
Reason for the stock gain
The stock gained in the pre-market due to its significant agreement with Hyundai Oilbank. This strategic partnership could be an excellent opportunity to enhance its business.
Conclusion
The bioplastic company is keen to implement its vision of biodegradable products. The company should benefit from the deal to grow itself and achieve its goals.
