Chemical design and manufacturing firm Itaconix (LON:ITX) saw its shares shoot upward by 82.61% to 10.50p today after it announced it had entered into a joint marketing agreement with AkzoNobel. The agreement specifically covers the firm’s bio-based chelate products, which are primarily used in detergents and other cleaning products and can replace certain banned phosphates.
The commercial details are currently incomplete, but both parties are hoping that they will be finalised by the end of 2018. The company said that its goal “is to establish a strong multi-year relationship to deliver Itaconix’s innovative bio-based chelates to customers worldwide, thereby supporting the development of high performance, sustainable, consumer products”.