Connect with us

Tech

UBQ Materials’ plastic replacement product attracts $170M from impact investor TPG Rise

Published

on

UBQ Materials’ plastic replacement product attracts $170M from impact investor TPG Rise

UBQ Materials, which claims it has developed a plastic-like material made from 100% unsorted household waste, has raised a $170 million funding round led by TPG Rise, TPG’s global impact investing platform, made through TPG Rise Climate, the firm’s dedicated climate investing fund, and The Rise Funds, its multi-sector impact investing fund.

The financing round also included participation from existing investor, Battery Ventures, and others including M&G’s Catalyst strategy, a UK-based investor.

UBQ Materials says it can turn landfill-destined municipal solid waste, including all organics, into recyclable plastic substitute. Its “UBQ” product can then be used both on its own and in conjunction with conventional oil-based resins in construction, automotive, logistics, retail, and even 3D printing, it says.

Steve Ellis, Co-Managing Partner of The Rise Funds said: “In addition to converting municipal waste into functional thermal plastics, UBQ’s material solution is energy efficient, uses no water and produces no effluents UBQ can be utilized in a broad array of industrial and consumer applications.”

The company is vague on how it achieves all this but we will be following its claims with interest.

Source: Tech

Advertisement
Click to comment

Leave a Reply

Your email address will not be published.