Novomer locks up $18M in federal funding.
ITHACA – Novomer, Inc. is one of six companies that will share in $106 million in funding from the economic stimulus bill to develop ways to convert captured carbon dioxide into useful products.
The company, a Cornell University spinoff, will get $18.4 million. Novomer is developing plastics created from renewable sources that can be used to produce everything from containers to coatings and laminates. The Energy Department announced the federal funding Thursday.
Calera Corp., Skyonic Corp., Touchstone Research Laboratory Ltd., Alcoa, Inc.; and Phycal, LLC also received funding. Novomer will work on its project with Albemarle Corp. and Eastman Kodak Co.
The company is based in Boston, but most of its employees are in Ithaca. For more on this story, see the July 30 issue of The Central New York Business Journal.
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