SOURCE: Novomer

Novomer

March 08, 2010 09:00 ET

Novomer Named One of the World's 50 Most Innovative Companies

Inaugural MIT Technology Review TR50 Lauds Company Advances in Sustainable Plastics

BOSTON, MA--(Marketwire - March 8, 2010) -  Novomer Inc., a materials company pioneering a family of high-performance plastics, polymers and other chemicals from renewable feedstocks such as carbon dioxide, today announced its inclusion in the inaugural TR50 list from MIT's Technology Review. The first annual list recognizes the 50 most innovative companies in the world.

The TR50 list represents innovation across a range of industries including energy, computing, the Web, biomedicine and materials. Companies selected for this list were deemed to have "excelled not only at inventing technology, but also at using it to transform how we live and work." The evaluation criteria included strength of business model, strategies for deploying and scaling up technologies, and likelihood of success.

In assessing Novomer specifically, judges featured not only the product's green characteristics -- sequestering greenhouse gases in making plastics -- but also practicality that can drive rapid adoption. "The company hopes to compete with producers of conventional industrial polymers made entirely from petroleum. Novomer emphasizes the green aspect of its products to capitalize on consumer concerns about the environment, but the primary advantage of making polymers from carbon gases is that it's cheaper, which may help the company grab market share."

The award also highlighted the bold nature of Novomer's innovation. "No new polymers have been introduced into the coatings industry for more than a decade. The company's partnership with DSM will be key to breaking into this mature market for the coatings that line soda cans, floors, furniture, and electrical coils."

"With commercialization projects underway at companies like DSM and Kodak, Novomer has been delivering on the vision of Dr. Geoff Coates and his team at Cornell that developed Novomer's catalyst technology," said Jim Mahoney, CEO of Novomer. "We thank Technology Review for this recognition, and see great things in the years ahead for innovation in the materials space."

About Novomer
 
Novomer (www.novomer.com) is a revolutionary new materials company pioneering a family of low-cost, high-performance, sustainable plastics, polymers and other chemicals. Based on the pioneering catalyst work of Dr. Geoff Coates at Cornell University, Novomer's groundbreaking technology allows carbon dioxide and other renewable feedstocks to be cost-effectively transformed into polymers, plastics and other chemicals for a wide variety of industrial markets. The company is partnered with equity investors Flagship Ventures, Physic Ventures, OVP Venture Partners, DSM Venturing and KensaGroup, and has received support from the Department of Energy, National Science Foundation and the State of New York. 

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