UBQ Materials, a Tel Aviv, Israel-based climate tech developer, raised $70M in funding.
The round was led by Eden Global Partners. Additional participants included TPG Rise Climate, TPG’s Rise Fund, Battery Ventures, and M&G’s Catalyst strategy.
The company intends to use the funds to expand its commercial, sales, and marketing scale up efforts.
Led by co-CEOs Jack (Tato) Bigio, and Albert Douer, UBQ Materials provides conversion technology which has created bio-based thermoplastic, UBQ™, made entirely from residual waste, including all organics and hard-to-recycle materials. A sustainable plastic substitute, it preserves finite resources, diverts waste from landfills and incinerators and prevents emissions. 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.
A certified B Corp, the company is building additional facilities in Europe and North America, alongside the impending opening of UBQ’s industrial-scale facility in Bergen Op Zoom, Netherlands. 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 is investing in 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.
FinSMEs
13/09/2023