Newlight Technologies, Inc., a Huntington Beach, CA-based leader in decarbonization technology using natural microorganisms to convert greenhouse gas into high-performance AirCarbon®-based materials, closed a US$125m equity funding round.
The round was led by GenZero with participation from Oxy Low Carbon Ventures, Charter Next Generation (CNG), and a global luxury goods manufacturer, as well as other new and existing shareholders. In addition to financial participation, Newlight has completed development agreements with CNG to commercialize specialty films decarbonized with AirCarbon and with OLCV to use direct air capture (DAC) systems to develop carbon dioxide feedstock for AirCarbon production plants.
This investment will enable the company to expand the production of AirCarbon at both its existing California facility as well as a new AirCarbon production facility being built in Ohio.
Led by Mark Herrema, CEO, Newlight uses greenhouse gas to make a high-performance material called AirCarbon®. AirCarbon is a biomaterial produced by natural microorganisms that is being used to decarbonize industrial segments ranging from foodware to fashion. The company uses microorganisms found in California that eat greenhouse gas as their food source to grow a molecule inside of their cells, like muscle, called PHB (polyhydroxybutyrate). PHB is a molecule found in most life on Earth and is used by living organisms as a biological energy and carbon storage vehicle. When purified, PHB becomes meltable and moldable, able to deliver broad-based functionality within the materials market.
Newlight is currently delivering AirCarbon-based products and materials to over 5,000 locations across the world, including to customers and partners in the fashion, entertainment, foodservice, hotel, and automotive industries.
FinSMEs
03/08/2023