Newlight Technologies, a Irvine, CA-basedĀ sustainable materials company, completed a $9.2m Series C financing round.
Backers included both new and existing investors.
The company, which has now raised $18.8m, intends to use the funds to expand its commercial production capacity.
Founded in 2003 by Mark Herrema, CEO, Newlight Technologies uses a microorganism-based biotechnology process to convert methane (such as biogas) from farms, water treatment plants, and municipal landfills into carbon-negative thermoplastics that can replace oil-based plastics at commodity scale.
The company has invented, patented, and commercialized AirCarbonā¢, a material made from air and greenhouse gas (such as methane) that can match the performance of oil-based plastics.Ā It is currently being used to manufacture furniture, bags, caps, and a variety of other products, with partners including Fortune 500 companies and brand-name market leaders and Newlight is now working to launch its products across a range of market segments, including in automotive, electronics, construction, apparel, and other market segments.
FinSMEs
04/04/2014