JERUSALEM (Reuters) - Israel's UBQ Materials, which converts household waste into thermoplastic material, said on Wednesday it raised $70 million in a private funding round led by Eden Global Partners.
Existing investors in the company, including TPG Rise Climate, TPG’s Rise Fund, Battery Ventures, and M&G’s Catalyst strategy, also participated in the funding round.
UBQ said the funds will be used for its global expansion, such as additional facilities in Europe and North America, alongside the soon to open facility in Bergen Op Zoom, Netherlands.
UBQ noted that its bio-based thermoplastic that is made from residual waste serves as a sustainable alternative to fossil-based plastics. UBQ converts residual household waste diverted from landfills or incineration, including all organics, into an thermoplastic material that is both climate-positive and highly recyclable.
It said companies that have already integrated its thermoplastic into durable and semi-durable products, such as car parts, footwear, pallets, display stands, panels and planters, include Mercedes-Benz, PepsiCo, and McDonald’s.
(This story has been corrected to fix the company name in paragraph 1)
(Reporting by Steven Scheer)