Verdezyne went into bankruptcy in 2019 and closed operations on May 15 due to a withdrawal of funding from primary investor Sime Darby. Vedezyne had an opening ceremony for a commercial facility which would have made the company the first commercial producer of dodecanedioic acid, a type of dicarboxylic acid, in the world.
Verdezyne partnered with Bio-XCell, a Malaysian biotechnology park and ecosystem. Through their partnership, Verdezyne leased 6.9 acres of land and secured a loan from Bio-XCell of RM 250 million to build their plant.
The plant was planned to run Verdezyne’s yeast fermentation technology to produce commercial diacids that can be used to make nylon and other polymers. Verdezyme has a unique process to develop renewable diacids ( dicarboxylic acids). Verdezyne’s process was said to have potential to deliver bio-based options to products that use nylon and other polymers, such as cosmetics, paints, adhesives, lubricants, fuel line tubing and toothbrush bristles.
Verdezyme was awarded ‘BioNexus’ status by the Prime Minister of Malaysia, The Right Honourable Dato’ Sri Mohd Najib Bin Tun Haji Abdul Razak, a status awarded to companies undertaking value-added biotechnology and/or life sciences activities in Malaysia.
Documentaries, videos and podcasts
- BiotechnologyBiotechnology can refer to the application of science and technology to living organisms or the use of living organisms, their parts, products or models thereof to solve a problem, produce knowledge or produce goods and services. Biotechnology may involve the alteration of living or non-living materials.
- CompanyA company, abbreviated as "Co." within a company name, is a legal entity made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.