P2 Science Secures $3M Line of Credit from Webster Bank
The CT-based green chemistry company to use proceeds to support growth
Woodbridge, CT June 2, 2020 – P2 Science, Inc. (P2), today announced the close of a $3 Million line of credit with Waterbury, Connecticut-headquartered Webster Bank. The line will be used by the company to support continuing growth in key markets for sustainable chemicals, including cosmetics, fragrances and specialty materials. P2 currently operates a manufacturing plant in Naugatuck, CT and a research laboratory in Woodbridge, CT.
“We’re pleased to put together this financing from a great commercial lending partner bank. It shows tremendous faith in our ability to grow the business and to continue to invest in the local economy.” said Neil Burns, CEO of P2 Science. “This year, we are commercializing a range of new products and expanding production capabilities at our plant. Having this line of credit available will enable us to grow sales and acquire new customers at a rapid pace.”
“Sustainable, green businesses like P2Science are the next wave in this emerging manufacturing space, and we look forward to working with them as their products hit the marketplace,” said Peter Hicks, senior vice president, Emerging Growth Banking at Webster.
P2 Science was advised by Goodwin Procter LLP of New York. Webster was advised by Halloran & Sage LLP of Hartford, Connecticut.
About P2 Science
P2 Science is a renewable chemistry company. The co-founders of P2, Professor Paul Anastas and Dr. Patrick Foley, worked together at the Yale Center for Green Chemistry and Green Engineering. P2 has developed and patented green chemistry technologies for converting renewable feedstocks into high-value specialty products. Investors in P2 include BASF Venture Capital, Xeraya Capital, Elm Street Ventures, Connecticut Innovations, Ironwood Capital, HG Ventures and Chanel. The company started up its first manufacturing plant in September of 2018 which produces novel renewable aroma chemicals and cosmetics ingredients. For more information, see www.p2science.com
About Webster Bank
Webster Financial Corporation is the holding company for Webster Bank, National Association and its HSA Bank division. With $31.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 157 banking centers and 308 ATMs. Webster also provides mobile and online banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
Phone: +1 (732) 688-9585