UBQ Materials, the company that develops a sustainable thermoplastic material from unsorted household waste, announced on Wednesday it has raised $170 million led by TPG Rise, the investment arm of American private equity firm TPG.
The investment will fund the Israeli cleantech firm’s global expansion and build a large-scale facility in the Netherlands by the end of next year. Funds will also go into the company’s continued research as well as the research and development of new products.
“As countries and industries converged in Glasgow at COP26, negotiating the urgent benchmarks we must hit in lowering Greenhouse Gas (GHG) emissions, this investment could not come at a more apt time,” said Albert Douer, Chairman and Co-CEO of UBQ Materials. “Through the prevention of landfill-related methane emissions and the replacement of carbon-intensive raw materials, UBQ can support governments, brands and major manufacturers in achieving their sustainable development goals.”
Using a patented conversion process, UBQ Materials turns landfill-destined municipal solid waste, including all organics, into UBQ, an eco-friendly, cost-effective, and fully recyclable plastic substitute. UBQ is a sustainable replacement to plastic, wood, or concrete and can be used both on its own and in conjunction with conventional oil-based resins to offset the overall carbon footprint.
“Waste is not the end, it is only the beginning,” said Jack (Tato) Bigio, co-founder, and co-CEO of UBQ Materials. “This financing round enables us to widen the reach of our patented conversion technology and novel material, bringing us closer to a functioning circular economy worldwide.”
For more on how UBQ’s climate-positive plastic substitute is helping the world, click here.