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Article: Novomer gains new financing.(News)
- Article from:
- Plastics News
- Article date:
- August 24, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Frank Esposito
Materials technology firm Novomer Inc. has won $14 million in funding from venture capital firm OVP Venture Partners.
In an Aug. 19 news release, officials with Waltham, Mass.-based Novomer and Kirkland, Wash.-based OVP said that the investment "will be used to accelerate growth as [Novomer] prepares for broad commercialization. Novomer late last year made its first commercial sale of a poly- propylene carbonate resin developed by the firm.
PPC is produced by combining propylene oxide with carbon di- oxide or carbon monoxide. Officials have said PPC uses 50 percent less fossil fuels than standard plastics. Potential PPC ...