Metabolix, ADM to open new bioplastics factory

Cambridge, Mass.-based Metabolix, a company founded by MIT biology professor Anthony Sinskey and his former postdoc, Oliver Peoples, is planning to open a new factory next month that uses MIT-patented technology to produce bioplastic from corn.

The plant aims to produce 110 million pounds a year of the new bioplastic, which is unique in that it biodegrades in soil or the ocean. The annually capacity is a fraction of one percent of the United States’ overall plastic production, which totaled 101.5 billion pounds in 2008.

The current global market for biodegradable polymers is estimated at about 570 million pounds per year, but is expected to more than double by 2012, according to a news release.

Potential applications for the Metabolix bioplastics include packaging, agricultural film, compost bags, business equipment, and consumer products.

The new Clinton, Iowa-based plant is a joint venture with Decatur, Ill.-based Archer Daniels Midland (NYSE:ADM) (see Metabolix and ADM bioplastic fantastic).

The companies announced earlier this year that they developed a next-generation injection molding bioplastic that’s biodegradable (see New bioplastic from Metabolix and ADM is biodegradable).

Metabolix (Nasdaq:MBLX) is a bioscience company providing sustainable plastic, chemical and energy products, while ADM turns crops such as corn and oilseeds into renewable products. Metabolix is also working to co-produce plastics, chemicals, and energy from crops such as switchgrass and sugarcane.

Metabolix completed a public offering this week of 3.5 million common shares, resulting in net proceeds of $29 million, expected to be used for working capital and corporate purposes.

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