European chemical companies have revealed plans to develop plant-based plastics for Coca-Cola bottles and Danone yogurt cups, says Reuters. One of the firms, Avantium, will announce an initial public offering (IPO) this week to help fund a new production facility for the material, which it is co-producing with Germany’s BASF, the largest chemical producer in the world.
The material will be based on fructose from plants instead of petroleum derivatives. This same material, Avantium says, can be used in electronics, automobiles and textiles. The company has also promised that, unlike other bioplastics that have failed to make it to market because of high-costs, this version will be cost-competitive. Avantium hopes to raise $112 million through the IPO.