P2 Science Inc., a renewable chemistry company, has closed on a $3 million line of credit with Webster Bank.
P2 Science, which has a manufacturing plant in Naugatuck and research lab in Woodbridge, makes products used in the flavor, fragrance and cosmetics markets. It plans to use the money toward “continued growth,” according to an announcement.
CEO Neil Burns said P2 Science intends to commercialize a range of new products and expand production capabilities at its Naugatuck plant this year.
“Having this line of credit available will enable us to grow sales and acquire new customers at a rapid pace,” Burns said.
Peter Hicks, senior vice president and manager of the Emerging Growth Banking Group at Webster Bank, said businesses like P2 Science that have a sustainable and green approach are the “next wave in this emerging manufacturing space.”
“We look forward to working with them as their products hit the marketplace,” Hicks said.
P2 was co-founded by professor Paul Anastas and Chief Science Officer Patrick Foley, who worked together at the Yale Center for Green Chemistry and Green Engineering. The company produces novel renewable aroma chemicals and cosmetics ingredients, including components of skin and hair care products. It opened its commercial manufacturing plant in September 2018.
In April, P2 launched a patented line of cosmetics ingredients, trade-named Citropol. The ingredients are made from terpenes, or organic compounds, derived from the forest. According to the company, Citropol has skin care, hair care, fragrance, deodorizing and moisturizing applications, without compromising human or environmental safety.
P2 has attracted high level investors, including fashion and beauty giant Chanel. BASF Venture Capital, Xeraya Capital, Elm Street Ventures, Connecticut Innovations, Ironwood Capital and HG Ventures have also invested in the company.
Earlier this year, P2 announced it had successfully completed a $12 million Series C financing round, money it planned to use to expand its Naugatuck production capabilities.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
