# Danimer Scientific (2004 – 2025)

- URL: https://girisimcikafasi.com/en/startup-graveyard/danimer-scientific/
- Sector: Energy and climate
- Country: United States
- Total funding: unknown
- Unicorn: yes, peak valuation $4.9 billion
- Cause of closure: Ran out of cash

## What did it do?

Danimer Scientific was founded in 2004 in Bainbridge, Georgia. It made bioplastics, chiefly PHA, a material produced by bacteria fed on plant oils. In 2007 it bought Procter & Gamble's PHA intellectual property and sold the material as Nodax. Commercial PHA production began in December 2019. On 29 December 2020 it completed a merger with Live Oak Acquisition Corp and moved to the New York Stock Exchange.

## Why did it shut down?

Soon after the merger, on 12 February 2021, the shares closed at USD 57.81, which with 84.97 million shares meant a market value of USD 4.91 billion. The value fell to USD 854.9 million at the end of 2021 and USD 104.1 million at the end of 2023. The exchange suspended trading on 30 December 2024 after average market value fell below USD 15 million. The Chapter 11 filing in Delaware on 18 March 2025 accelerated USD 400.8 million of debt. No competing bid arrived, the court approved a sale to Teknor Apex, and the price was reported as USD 19 million.

## The story

Danimer Scientific had an exciting idea: bacteria would feed on plant oil and make a plastic that breaks down in nature. Founded in 2004 in the small Georgia town of Bainbridge, the company bought PHA patents from Procter & Gamble in 2007 and spent years trying to scale the technology.

Commercial production began in December 2019. A year later the Live Oak merger took the company public. In February 2021 enthusiasm for climate investing pushed its value to USD 4.91 billion, although its own prospectus described early-stage commercial activity.

The excitement faded quickly. Market value stood at USD 854.9 million at the end of 2021 and just USD 6.6 million at the end of 2024. Growing production took debt, and the debt grew. The New York Stock Exchange suspended trading in December 2024, and on 18 March 2025 the company went to court for an orderly wind-down.

Two plants and more than 480 patents and applications went to Teknor Apex for USD 19 million. Danimer is a reminder that a good climate story cannot replace industrial economics.

## Lessons

- Buying a technology does not solve production. It took 12 years to go from the P&G patents to commercial output, so plan your capacity on that basis.
- A high share price opens a window to raise equity. If the market says USD 4.91 billion in February 2021, consider selling shares then rather than borrowing later.
- A green product does not sell on its story alone. Check in the contract who actually pays the price difference for the plastic buyer.

## Sources

- [Danimer Scientific, Inc. Form 8-K](https://www.sec.gov/Archives/edgar/data/1779020/000095017025041367/dnmr-20250318.htm)
- [Danimer Scientific, Inc. Form 8-K](https://www.sec.gov/Archives/edgar/data/1779020/000095017024141335/dnmr-20241230.htm)
- [Danimer Scientific, Inc. prospectus 424B3](https://www.sec.gov/Archives/edgar/data/1779020/000121390021009683/ea135803-424b3_danimersci.htm)
- [SC&H Capital Advises Teknor Apex on its Successful Acquisition of the Assets of Danimer Scientific from Chapter 11](https://www.schgroup.com/press-release/sch-capital-advises-teknor-apex-on-its-successful-acquisition-of-the-assets-of-danimer-scientific-from-chapter-11/)
- [Danimer Scientific market cap history](https://stockanalysis.com/stocks/dnmr/market-cap/)
- [Danimer Scientific](https://en.wikipedia.org/wiki/Danimer_Scientific)