BOSTON - Ginkgo Bioworks (NYSE: DNA) has been awarded a contract by the Defense Advanced Research Projects Agency (DARPA) for up to $6 million to develop new materials that manage ice formation in cold environments. The contract is part of DARPA's Ice Control for cold Environments (ICE) program, which seeks to enable safer operations in extreme cold weather by controlling the physical properties of ice crystals.
The Boston-based synthetic biology company will collaborate with Netrias, Cambium, and consultant Dr. Ran Drori on the ICE program. Their objective is to create biologically-sourced and inspired materials that can be produced sustainably and have the potential for broad commercial application. These materials are intended to meet the specifications of the U.S. Department of Defense and could replace current de-icing agents that are harmful to the environment.
Ginkgo's approach involves designing and optimizing a library of novel de-icing proteins that exhibit ice-modulating behaviors. These proteins could lead to a range of applications, such as frost-resistant coatings for optics used in satellites and security cameras, and de-icing solutions for the aviation and automotive industries. Additionally, the team is exploring a topical product to prevent frostbite for outdoor enthusiasts.
Jason Kelly, CEO and co-founder of Ginkgo Bioworks, expressed the company's honor in being selected for the program and highlighted the potential of synthetic biology in adapting to environmental challenges.
Ginkgo Bioworks, known for its cell programming platform, serves various markets from food and agriculture to pharmaceuticals and industrial chemicals. Its biosecurity unit, Concentric by Ginkgo, is focused on building global infrastructure for biosecurity.
This announcement is based on a press release statement.
InvestingPro Insights
Ginkgo Bioworks (NYSE: DNA) has recently secured a significant contract with DARPA, underlining the company's innovative approach to developing sustainable solutions for managing ice formation. While this new venture may pave the way for future growth, a glance at the company's financial health and market performance through InvestingPro provides a nuanced picture.
With a market capitalization of $2.14 billion, Ginkgo Bioworks is a notable player in the synthetic biology space. According to the latest data, the company holds more cash than debt on its balance sheet, which is a positive sign for investors looking for financial stability. However, the company's Price to Earnings (P/E) ratio stands at a negative -2.42, indicating that it is not currently profitable. This aligns with the InvestingPro Tip that analysts do not anticipate the company will be profitable this year.
Ginkgo's stock has experienced significant volatility, trading near its 52-week low and having fallen approximately 27.63% over the last month. This could be an area of concern for investors, although some might view it as a potential buying opportunity. The InvestingPro platform offers more detailed analysis and tips, including the fact that the company's liquid assets exceed its short-term obligations, which suggests a degree of financial resilience.
For investors interested in diving deeper into Ginkgo Bioworks' financial details and market performance, InvestingPro offers additional insights and tips. There are currently 11 InvestingPro Tips available for Ginkgo Bioworks, which can be accessed at https://www.investing.com/pro/DNA. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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