Lummus Reinforces Commitment to Biopolymer PHA Commercialization with New Investment in RWDC Industries

Strategic investment accelerates development of the first commercial-scale PHA facility, driving global adoption of eco-friendly plastics to mitigate environmental and health concerns

HOUSTON and ATHENS, Ga., June 5, 2024 /PRNewswire/ -- Lummus Technology, a global provider of process technologies and value-driven energy solutions, has taken a lead investor position in RWDC Industries' convertible bond round, further strengthening the partnership between the two companies to bring polyhydroxyalkanoates (PHA) to the global market. This strategic investment marks a significant milestone in commercialization of PHA, a biodegradable and environmentally safe alternative to petroleum-based plastics that can help mitigate the accelerating health concerns associated with persistent plastics and microplastics in the environment and support the development of a circular economy.

Since signing a binding Joint Development and Commercial Cooperation Agreement in September 2023, Lummus and RWDC have made substantial progress in their shared mission to accelerate worldwide adoption of PHA and prepare the technology for global licensing. The engineering phase of RWDC's first commercial-scale PHA facility is nearly complete, with detailed engineering and preconstruction activities set to be finalized in the coming months. Lummus' lead investment in RWDC's convertible bond round will enable completion of these final stages, targeting groundbreaking of the facility in early 2025.

"Lummus' investment in RWDC is a testament to our unwavering commitment to commercializing PHA and advancing the circular economy of the polymer industry," said Leon de Bruyn, President and Chief Executive Officer, Lummus Technology. "By combining our expertise in process technology with RWDC's innovative PHA production capabilities, we are poised to make a significant impact on the world's transition to sustainable and more carbon neutral materials."

"Lummus' support as the lead investor in our convertible bond round is a major step forward for RWDC and the future of PHA," said Dr. Daniel Carraway, Chief Executive Officer, RWDC. "This investment not only accelerates our journey towards construction of our first commercial-scale PHA production facility but also validates the immense potential of our technology in addressing the global challenge of plastic pollution."

The convertible bond round remains open to select investors through July 2024. Interested parties are encouraged to contact RWDC at [email protected] for more information.

About Lummus: Lummus Technology is the global leader in developing technology solutions that make modern life possible and focus on a more sustainable, low carbon future. We license process technologies in clean fuels, renewables, petrochemicals, polymers, gas processing and supply lifecycle services, catalysts, proprietary equipment and digitalization to customers worldwide. To learn more about Lummus, visit www.LummusTechnology.com.

About RWDC Industries: Founded in 2016, RWDC Industries is a biotechnology company that utilizes natural processes to produce materials for use in our daily lives. RWDC develops innovative, cost-effective biopolymer material solutions, including Solon™ PHA, a fully biodegradable and environmentally safe material that can replace plastic in a wide range of applications from single use articles to consumer goods or food packaging to non-wovens and textiles. RWDC supports sustainable practices and encourages responsible choice in plastic waste management, including recycling, to protect our environment and planet. For more information on RWDC, visit www.rwdc-industries.com.

SOURCE Lummus Technology, LLC