ANN ARBOR, MICHIGAN, June 23rd, 2020— Ecovia Renewables Inc., a Michigan-based biotechnology company focused on the research and development of high-performing biobased materials and ingredients, announced today that it was the recipient of a $148,000 loan under the US Small Business Administration's Paycheck Protection Program (PPP) to help small businesses weather the impact of COVID-19. This loan could qualify for partial or complete forgiveness if Ecovia meets certain conditions under the revised terms of the PPP Flexibility Act, as signed into law on June 5th, 2020.

In addition to the PPP loan, the company was recently awarded a $50,000 convertible note under the Tech Startup Stabilization Fund, a capital support program lead by InvestDetroit Ventures and the Michigan Economic Development Corporation. This fund was launched for early-stage, innovation businesses based in Michigan and impacted by the COVID-19 crisis.

“These programs gave us the ability to retain our R&D staff after our labs were closed due to COVID-19,” says Dr. Jeremy Minty, CEO of Ecovia Renewables. “We are grateful for the government’s support, as every day counts for a start-up.”

Proceeds of this funding will go toward overhead and operational expenses, including payroll, rent and utilities. This capital also supports Ecovia’s efforts toward making meaningful progress on key objectives in the lab, albeit at a reduced capacity due to enhanced social distancing measures.

Ecovia employs eight full time employees, seven of which are based in Michigan. Its core technology centers around efficient production of polyglutamic acid (PGA), a water-soluble peptide. Ecovia’s green chemistry platform enables PGA-derived product extensions, including AzuraGel™, a 100% biobased and biodegradable superabsorbent polymer (SAP) positioned against oil-based polyacrylic SAPs used as fillers in a variety of absorbent hygiene products.

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About Ecovia Renewables Inc.

Ecovia Renewables Inc. is a privately-held biotechnology company focused on the research and development of high-performing biobased ingredients and materials. It was spun-out from the University of Michigan in 2014, inspired by Dr. Nina Lin and Dr. Jeremy Minty’s pioneering research on engineering microbial ecosystems. http://www.ecoviarenewables.com.