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UBQ Materials raises USD 170 million to convert waste into sustainable plastic substitute

Written by NoCamels Published on     2 mins read

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The company plans to build a large-scale facility in the Netherlands by the end of next year.

UBQ Materials, a company that develops sustainable thermoplastic material from unsorted household waste, announced on Wednesday that it has raised USD 170 million in a round led by TPG Rise, the investment arm of American private equity firm TPG.

The investment will fund the Israeli cleantech firm’s global expansion as the company plans to build a large-scale facility in the Netherlands by the end of 2022. Funds will also go into the company’s continued research and development of new products.

“As countries and industries converged in Glasgow at COP26 to negotiate the urgent benchmarks we must hit in lowering greenhouse gas 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 organic waste, into an eco-friendly, cost-effective, and recyclable plastic substitute named UBQ. The company says UBQ is a sustainable replacement for plastic, wood, or concrete, that can be used both on its own or 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 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.”

The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.

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