Symrise and P2 Science Target Development of Flavor & Fragrance Ingredients
P2 Science, Inc., a renewable chemical company and Symrise AG, a leading flavor and fragrance company have entered into a partnership for the joint development and commercialization of renewable F&F and cosmetics ingredients.
The F&F industry is looking increasingly to renewable ingredients as a key platform for growth. The Symrise and P2 partnership is aimed at providing a slate of such ingredients for use by Symrise in the further development of its global business.
Currently, initial products with a high strategic importance to Symrise are being worked on in the New Haven, CT labs of P2. Products of immediate commercial interest to both companies are expected to be scaled up to production for commercial supply within a 12 month timeframe. Brand new molecules will be assessed for toxicology, performance and economics. Selected products will be moved through the a commercialization process for use in certain Symrise end markets and potential sale to other F&F companies.
P2 Science is a venture backed company, using patent pending hybrid ozonlysis technology to convert biomass into specialty chemicals. Initial target products include renewable versions of existing F&F ingredients as well as brand new molecules, to date inaccessible via existing chemistry. Symrise is one of the top four flavors and fragrances companies globally. In order to further strengthen and grow its market position, Symrise seeks to improve the long term availability of key ingredients and to improve their sustainability profile. A backward integration into novel technology to achieve these improvements is of strategic importance to the company. The partnership with P2 is an important part of this strategy for Symrise.
Symrise (www.symrise.com) is a global supplier of fragrances, flavorings, cosmetic active ingredients and raw materials as well as functional ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, the pharmaceutical industry and producers of nutritional supplements. Its sales of € 1.830 billion in 2013 place Symrise among the top four companies in the global flavors and fragrances market. Headquartered in Holzminden, Germany, the Group is represented in 35 countries in Europe, Africa, the Middle East, Asia, the United States and Latin America. Symrise works with its clients to develop new ideas and market-ready concepts for products that form an indispensable part of everyday life. Economic success and corporate responsibility are inextricably linked as part of this process. Symrise thus takes sustainability into account in every part of its corporate strategy. DQS certified Symrise as a “Green Company” in 2013.
About P2 Science
P2 Science (www.p2science.com) has received financing from Elm Street Ventures, an early stage venture capital firm and Connecticut Innovations, Inc. The company has an exclusive licensing agreement for certain technology with Yale University and works in partnership with the Engineering firm, Desmet Ballestra, Italy in the design of P2’s process plant. P2’s CEO is Neil Burns, who prior to joining P2 had over 25 years experience in specialty chemicals. The scientific co-founders of the company, Professor Paul Anastas and Dr. Patrick Foley, worked together at the Yale Center for Green Chemistry and Green Engineering.