Newlight Technologies announced the closing of US$ 45m round of Series F funding on 9th October 2020. The round was successfully led by Valedor Partners, wherein the existing investor GrayArch Partners also participated.
The foundation and vision
The biotechnology company Newlight technologies was founded in 2003 by Mark Herrema, who is currently working as the CEO. It is a producer of PHB, which is an ocean degradable polymer utilizing the air carbon and greenhouse gases. The enterprise aims at producing advanced and sustainable materials. The idea behind Newlight is to capture carbon so that it won’t become a part of the air and use it to produce materials that were supposed to be made from oil. This product, AirCarbon, is a regenerative and ocean degradable material that can effectively replace synthetic fibers and plastic and thereby helps with climate change and plastics pollution.
New technologies believe that the most sustainable way in which carbon amounts in the air can be reduced is by using greenhouse gas for the production of useful materials. It is a clean and cost-effective resource. The mission of the company is to replace oil-based plastics with its carbon globally. They are working on using carbon that goes in the air to replace oil and thereby reducing the amount of carbon in the air on a completely market-driven basis.
The new announcements by Newlight Technologies
Along with the Series F funding round, Newlight Technologies also announced the commencement of its commercial-scale production facility in California, the United States named Eagle 3. It also launched branded products for the foodservice industry that included drinking straws and a line of cutlery. The food products at Newlight deliver another level of high-performance results, certified sustainability, and material safety. Their ocean degradable foodware works in favor of people and the planet.
The company has developed and patented the world’s first commercially scaled carbon capturing technology and commercialized it at the level where it can produce high-performance thermoplastics. These products are made to match the performance of various oil-based plastics and can beat them in price.
About Valedor Partners
The private equity firm Valedor Partners validates partners and curates private funding in opportunities to investors along which they complete their own capital for the long term return. The venture capital was founded in 2013 by Collins Kuper and Jeremy Radcliffe and is headquartered in Huston, Texas, United States.
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