Navigation Links
EcoSphere(R) Biolatex(TM) Secures Funding from Granholm and Invest Michigan!
Date:12/9/2008

EcoSynthetix, a manufacturer of biobased replacements for petroleum-based chemicals was announced as the recipient of a $750,000 investment by the Michigan state pension fund.

LANSING, Mich. (Business Wire EON) December 9, 2008 -- Invest Michigan!, a program announced by Governor Jennifer Granholm earlier this year, selected EcoSynthetix as one of only two companies to receive capital in its first ever investment in high growth potential businesses in the state.

The $750,000 is part of a $10.5-million round of financing from a variety of private and public investment sources for EcoSynthetix, manufacturer of EcoSphere biolatex™, a biobased coating material used in paper products.

With 19 paper mills in Michigan, over 3.7 million tons of paper are produced here. The industry employs 4800 people, providing economic stability in their communities and representing a considerable tax base for the state. EcoSynthetix is targeting several mills in Michigan for conversion to its biolatex coating process next year.

"One of the reasons for our success is the fact that our new biolatex replaces a large percentage of petroleum-based binder in the paper coating process," states Richard Shatkosky, President of EcoSynthetix. "With the wildly fluctuating price of petroleum products in the market, the paper industry sees EcoSphere biolatex as a way to provide some stability in their production process."

EcoSphere biolatex is a starch based product that is used as a bonding and coating agent on a variety of both glossy and dull finish coated papers. "The product has some great ancillary benefits in paper manufacturing," states John van Leeuwen, C.E.O. of EcoSynthetix. "When we sampled the test runs with graphic designers, they noted that the paper coated with EcoSphere has better stiffness and feel than the same weight paper coated with the petroleum product."

"Our strategy is to ramp up production to meet the demand we are seeing on a worldwide basis," states Shatkosky. "Outside of North America, there is tremendous demand from South America, Europe and Japan and we have barely scratched the surface of the market."

"This decision by Roger Penske, Jennifer Granholm and Invest Michigan to invest in the growth of EcoSynthetix is a sound choice that we expect will pay dividends in high paying job opportunities," stated van Leeuwen. "This move will also influence the build-out of other powerful biobased business operations that will see Michigan as a nurturing base of their base of operations."

About EcoSynthetix

EcoSynthetix Inc. specializes in the manufacturing and commercialization of biobased technologies. The EcoSynthetix technology platforms are clean technologies because they provide biobased products derived from renewable resources that have a positive impact on the environment. The company's biopolymer nanoparticle technology platform provides EcoSphere biolatex products as replacements for petroleum-based paper and paperboard coating binders such as SB and SA Latex. At substitution levels up to 50 percent, the biolatex products are comparable or superior to traditional petroleum-based alternatives and can be specifically formulated to deliver previously unattainable benefits at a lower delivered cost to industrial users.

Read the full story at http://www.prweb.com/releases/invest_michigan/jennifer_granholm/prweb1727444.htm


'/>"/>
Source: PRWeb
Copyright©2008 Vocus, Inc.
All rights reserved  

Related biology technology :

1. Interface Biologics secures $5mm financing and appoints Thomas P. Reeves President and Chief Executive Officer
2. Queens secures £25M for UKs cyber safety
3. Queens secures £25m for UKs cyber-safety
4. Northwest Secures US$1.65 Million Debt Financing
5. NeoStem Secures $250,000 in an Above Market Financing and Expands Its Relationship With New England Cryogenic Center, Inc.
6. Transave, Inc. Secures $12.5 Million in New Financing
7. Northwest Secures US$1.0 Million Debt Financing
8. Trillium secures additional financing on the strength of lead program and proprietary position around the CD200 immunoregulatory pathway
9. Althea Technologies Secures $12 M Credit Line to Continue Facility Growth and Expansion
10. Progenitor Cell Therapy Secures Industry Accreditation
11. BIOCOM Institute Secures Non-Profit Designation and Funding
Post Your Comments:
*Name:
*Comment:
*Email:
Related Image:
 EcoSphere(R) Biolatex(TM) Secures Funding from Granholm and Invest Michigan! 
(Date:6/16/2017)... ... 2017 , ... Cognition Corporation , a software company ... of its “From the Helm” Webinar Series. , The next two free ... design control exercises. Led by David Cronin, Cognition’s CEO, the half-hour public webinars ...
(Date:6/16/2017)... (PRWEB) , ... June 16, 2017 , ... CTNext ... Entrepreneur Innovation Awards (EIA), held at The LOFT at Chelsea Piers in Stamford. , ... ideas to a panel of judges for an opportunity to secure $10,000 awards to ...
(Date:6/15/2017)... ... June 15, 2017 , ... ... secured a Series B round of financing in the amount of $6 million. ... private investors participated in the round. , The Series B funding will enable ...
(Date:6/15/2017)... , ... June 15, 2017 , ... ... a promising new medical device startup. Dan Parsley, angelMD’s SVP of Corporate Development, ... members, and this angelMD syndicate is part of Saranas’ recently announced $4 million ...
Breaking Biology Technology:
(Date:5/23/2017)... robotic gym for the rehabilitation and functional motor sense evaluation of lower ... . The first 30 robots will be available from June in ... The technology was developed and patented at the IIT laboratories and has ... to a 10 million euro investment from entrepreneur Sergio Dompè. ... ...
(Date:5/6/2017)... 2017 RAM Group , Singaporean ... breakthrough in biometric authentication based on a ... to perform biometric authentication. These new sensors are based ... by Ram Group and its partners. This sensor will ... chains and security. Ram Group is a next ...
(Date:4/18/2017)... 18, 2017  Socionext Inc., a global expert in SoC-based imaging ... server, the M820, which features the company,s hybrid codec technology. A ... Tera Probe, Inc., will be showcased during the upcoming Medtec Japan ... at the Las Vegas Convention Center April ... Click here for ...
Breaking Biology News(10 mins):