Hope you’re enjoying the start of your weekend. We are expecting another snowstorm coming into New York this Saturday and I can’t wait to have a brief respite from the wintry weather next week when I fly to Florida to attend the American Cleaning Institute (ACI) Convention.
In the meantime, let me posts some recent company relocation news that came into my inbox (I am posting news that do not need further analysis as I am still in the middle of my newsletter deadline).
First is specialty renewable chemicals developer, P2 Science, which announced its move to a larger new facility (about 15,000 sq.ft.) in Woodbridge, CT, from New Haven, CT. P2 Science said it outgrew its original lab. The new space includes two laboratories, one of which will be used for continuous pilot scale production of specialty chemicals via P2’s proprietary ozonolysis process, while the other will be devoted to product development and R&D.
The company’s initial focus is on aroma chemicals, polymer intermediates and flavor ingredients using vegetable oils for feedstock. The facility was originally built by Bayer as a training facility for its synthetic chemists.
According to this local news article, P2 Science plans to add several research chemists and chemical engineers this year (anybody on the job hunt??). The company currently has 5 employees. I’ll be meeting P2 Science’s CEO, Neil Burns, and its new Board of Directors member, Kevin Gallagher of Croda, next week at ACI, for more company updates.
Speaking of job hunting, Gevo recently announced that it is slashing its employees headcount from 56 to 33 (41% of the staff based in Englewood, Colorado, headquarter) to reduce cash burn rate this year. Gevo’s CEO, Patrick Gruber, also volunteered to take 25% of his base salary (or $125k/year) in the form of Gevo stock through a deferred compensation program.
Despite recent good news announcements on the company’s ongoing efforts to produce and market its bio-isobutanol and to license its technology, from what I’ve heard, the company still needs a lot of cash to continue operations this year. There is also that litigation problem with Butamax that continues to hang over Gevo’s head. Wishing the company good luck this year.
Going back to our relocation news, Rennovia also announced that it has moved to a larger facility located in Santa Clara, California, from its based in Menlo Park, California. Rennovia said it has also outgrown its current facility and is now shifting its focus from catalyst research and development to process development, scale-up and commercialization.
The facility is said to be twice as large as the Menlo Park site, which allows to increase staffing and expand its scale-up infrastructure. The company is initially focusing on production of bio-based nylon intermediates. Rennovia also recently appointed a new chief financial officer to prepare for the company’s scale-up plans and future funding/structuring strategies ahead.
Speaking of funding, there have been several recent announcements on this area which I will post in another time when I can.