Israeli climate tech developer of advanced materials made from waste UBQ Materials today announced the completion of a $70 million financing round, led by Eden Global Partners, in participation with existing investors including TPG Rise Climate, TPG’s Rise Fund, Battery Ventures, and M&G’s Catalyst strategy.
The investment will support the company’s commercial, sales, and marketing expansion worldwide. This will include additional facilities in Europe and North America, as well as UBQ’s industrial-scale facility in Bergen Op Zoom, Netherlands, which is set to open. The new facility will have an annual production capacity of 80,000 tons of UBQ, converting 104,600 metric tons of waste annually into a new raw material.
UBQ Materials’ bio-based thermoplastic, UBQ, serves as a sustainable alternative to fossil-based plastics. The company converts residual household waste diverted from landfills or incineration, including all organics, into an advanced thermoplastic material that is both climate-positive and highly recyclable. Leading industry brands have already integrated UBQ into durable and semi-durable products such as car parts, footwear, pallets, display stands, panels, planters, with customers including Mercedes-Benz, PepsiCo, and McDonald’s.
The company was founded by co-CEO and chairman Albert Douer, co-CEO Jack Bigio and general counsel Rany Lev.
Douer said, "UBQ as a sustainable material option can have a huge impact - but only with mass adoption. This means building UBQ facilities on a world-scale, which requires significant expansion and funding. Adding Eden Global Partners to our heavy-hitting investor list fuels our rapid growth trajectory as we continue to invent new material solutions that will expand humanity’s ability to use waste as a raw material."
Bigio added, "UBQ has pioneered a fully sustainable resource, pivotal for existing manufacturing industries across endless applications," said Jack (Tato) Bigio, Co-Founder and Co-CEO of UBQ Materials. "Beyond major brands adopting UBQ™, our compounding partners have become integral to our ecosystem allowing us to further expand our ‘Made with UBQ™’ applications and international footprint, driving a true circular economy." UBQ Materials is investing significantly in its R&D, developing new product lines to meet functional and performance requirements to serve the building and construction, consumer durables, automotive, and logistics and supply chain industries."
Published by Globes, Israel business news - en.globes.co.il - on September 13, 2023.
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