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.
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