Marissa Newman of Bloomberg reports an Israeli bioplastic startup that has raised $70 million.
- UBQ Materials collects garbage from local landfills to create a recyclable bioplastic at a price that is comparable to traditional plastic production.
- Every kilogram of bioplastic that UBQ produces replaces one kilogram of traditional plastic and diverts 1.3 kilograms of waste from going to landfills.
- UBQ has already partnered with Mercedes Benz to create plastic components for its cars and McDonalds to make serving trays in Latin America.
- The company is also set to open its first manufacturing facility in the Netherlands later this year which will allow UBQ to increase its capacity tenfold.
“The production process begins with sifting waste from local towns and a nearby army base to remove metals and minerals. The material is then ground into a powder and converted into bioplastic in a reactor using UBQ technology that doesn’t require water. The resulting thermoplastic is then shaped into pellets that can be blended with other materials and has production costs that the company says are comparable to making plastic.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
