{"id":79562,"date":"2023-09-14T01:00:20","date_gmt":"2023-09-14T01:00:20","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/09\/14\/israeli-bio-based-thermoplastic-startup-raises-70-mn-to-fund-its-us-europe-expansion\/"},"modified":"2023-09-14T01:00:20","modified_gmt":"2023-09-14T01:00:20","slug":"israeli-bio-based-thermoplastic-startup-raises-70-mn-to-fund-its-us-europe-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/09\/14\/israeli-bio-based-thermoplastic-startup-raises-70-mn-to-fund-its-us-europe-expansion\/","title":{"rendered":"Israeli bio-based thermoplastic startup raises 70 mn to fund its US + Europe expansion"},"content":{"rendered":"

<\/a>Israeli waste-to-plastic startup raises 70 mn in latest funding round:<\/strong> Israeli waste-to-plastic startup UBQ Materials<\/a> has raised USD 70 mn in a funding round led by Eden Global Partners<\/a> to help fund its expansion to the US and European markets, according to a statement<\/a>. UBQ previously raised USD 170 mn in 2021, and declined to disclose the company\u2019s current valuation to Bloomberg<\/a>.<\/p>\n

Who else is in?<\/strong> Existing investors TPG Rise Climate<\/a>, TPG Rise Fund II<\/a>, Battery Ventures<\/a>, and M&G\u2019s Catalyst also contributed to this funding round.<\/p>\n

About UBQ: <\/strong>UBQ has developed technology that transforms unsorted household waste into bio-based thermoplastics \u2014 raw materials needed for plastic manufacturing, according to their website<\/a>. UBQ has produced plastic for car parts used in Mercedes-Benz vehicles and serving trays for McDonald\u2019s in Latin America. The technology is able to use ordinary household waste such as half-eaten fast food, single-use plastic, and dirty diapers, Bloomberg explains.<\/p>\n

If commercialized, the technology can help save tons of methane emissions: <\/strong>Keeping decomposing organic waste out of landfills and using it to create second-generation plastics instead could significantly cut methane emissions, a 2019 analysis by the Swiss environmental consulting firm Quantis commissioned by UBQ found, The Washington Post<\/a> writes. Substituting a ton of UBQ\u2019s plastic pellets for the same amount of oil-based polypropylene saves the equivalent of about 15 tons of CO2 emissions, Quantis concluded, adding that as little as 10% of its material can make the product carbon neutral depending on the type of plastic being created.<\/p>\n

Polymer recycling is gaining traction in the region: <\/strong>Saudi oil giant Aramco, petrochemicals firm Saudi Basic Industries Corp (Sabic), and France\u2019s TotalEnergies succeeded in converting oil derived from plastic waste into certified circular polymers<\/a> for the first time in the MENA region last July. Morocco\u2019s leading polyurethane foam and bedding brand Dolidol launched its greenfield plastic recycling business<\/a> Dolicen earlier in June, while Japan\u2019s Jeplan and Abu-Dhabi based recycling plastic trading platform Rebound signed a letter of intent to set up a recycled polyethylene terephthalate (PET) market<\/a> in the UAE. Packaging solutions provider Felix Films received EUR 7 mn in April from the Egyptian Pollution Abatement Programme to help fund its EUR 16 mn plastic-to-PET project<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Israeli waste-to-plastic startup raises 70 mn in latest funding round: Israeli waste-to-plastic startup UBQ Materials has raised USD 70 mn in a funding round led by Eden Global Partners to help fund its expansion to the US and European markets, according to a statement. UBQ previously raised USD 170 mn in 2021, and declined to […]<\/p>\n","protected":false},"author":1,"featured_media":79563,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[265],"tags":[11,1121,1154,305,264,254,136],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-79562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseclimate","tag-israel","tag-plastic","tag-recycling","tag-startup-watch","tag-us","tag-waste-management","wpautop","entry"],"acf":{"mongo_id":"c935dd05-8dd8-4d4f-8628-1c24e4689c8b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1717.jpg","photo_position":"above","related_issue":[79552],"teaser":"","voice_url":""},"yoast_head":"\nIsraeli bio-based thermoplastic startup raises 70 mn to fund its US + Europe expansion - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/09\/14\/israeli-bio-based-thermoplastic-startup-raises-70-mn-to-fund-its-us-europe-expansion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Israeli bio-based thermoplastic startup raises 70 mn to fund its US + Europe expansion\" \/>\n<meta property=\"og:description\" content=\"Israeli waste-to-plastic startup raises 70 mn in latest funding round: Israeli waste-to-plastic startup UBQ Materials has raised USD 70 mn in a funding round led by Eden Global Partners to help fund its expansion to the US and European markets, according to a statement. 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