Symphony Environmental surges 50% following EU Commission decision
Abraham Darwyne
Company News - 2 min read
13:45, 10th May 2019

Symphony Environmental Technologies (SYM) FOLLOW, told investors on Friday that the European Commission told the The European Chemicals Agency (ECHA) to close the restriction process for oxo-degradable plastics.

The Commission thought that the plastics created microplastics, and began the restriction process in December 2017, however no restriction dossier was published, and after a substantial dossier of scientific evidence, the ECHA were not convinced that microplastics are formed.

The EU will still have Single-use Plastics Directive in draft.

Symphony, which listed on AIM in 2001, develops controlled-life plastic technology solutions to tackle the problem of microplastics in the environment by turning ordinary plastic at the end of its service-life into biodegradable material.

Michael Laurier, Symphony's CEO said "Microplastics are created by the disintegration of ordinary plastics, and they are very persistent.”

“Oxo-biodegradable plastics like d2w are necessary, because they are for the time being the only way to prevent the accumulation of plastics and microplastics in the open environment.”

“They do this by degrading much more quickly than ordinary plastic so that they can then be properly biodegraded and recycled back into nature by bacteria and fungi, and will not accumulate as a problem for future generations."

Symphony's d2w oxo-biodegradable technology has been proved to properly biodegrade and to be recyclable.

Shares in Symphony Environmental Technologies were trading 50% higher at 10.5p in the afternoon following the announcement

After extensive due diligence, the technology has been made mandatory in Saudi Arabia, the UAE and Pakistan, with their example being followed by other countries.

In the company’s preliminary results, Mr. Laurier said: “We believe the Group is reaching a pivotal point in its development. In particular, our Middle East market is increasing the number of products which must be made with our d2w type of oxo-biodegradable plastic technology, whilst at the same time substantially improving their enforcement process."

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