Algenesis, a leading plant materials science company, invests in a joint venture led by First Bight Ventures and Circulate
It raised $5 million in a round led by Capital and with participation from other companies. Algenesis is a pioneer in the development of bio-based plastics. Its patented Soleic™ technology is cost- and performance-competitive with petroleum-based plastics and is the world’s first renewable, high-performance, completely plastic plastic made from plants and algae. Biodegradable and backyard compostable bio-based polyurethane
(bioPU).
Polyurethane materials are used in a wide range of applications. Due to the composition of the material, polyurethane is difficult to recycle and ends up mainly in landfills or entering the environment as microplastics. Unlike petroleum-based polyurethanes, Algenesis’s Soleic™
bioPU biodegrades in compost within months and contains no harmful PFAS chemical additives found in other plastics. Its production process also reduces greenhouse gas emissions by 50% compared to petroleum-based polyurethane.
Algenesis Founder and CEO Steve
“We are excited to take the next step in our growth journey and this funding will support us in scaling up production and meeting the growing demand for Soleic™ bioPU,” said Mayfield.
Algenesis’s unique Soleic™ bioPU is currently available in flexible foam applications such as midsoles and insoles for footwear. The new funds will be used to
The Soleic™ product line expands into breathable waterproof textiles and injection molded products such as mobile phone cases. The company also plans to expand and strengthen its supply chain by bringing more processes in-house to produce and commercialize these materials at scale, which are increasingly in demand by various consumer-facing brands, which will further solidify its Position as an eco-innovation leader.
First Bight Ventures and Circulate Capital led the seed round; MIH Capital, Diamond Sports
Group and RhinoShield are also involved. Previously, the U.S. Department of Energy allocated $5 million to support Algenesis in expanding the production of bio-based isocyanates from algae oil through safe and green chemical processes. The company will continue its efforts to develop its products to be 100% bio-based.
Veronica Wu, founder of First Bight Ventures, said: “We invest in industrial-scale bio-based materials manufacturing and Algenesis is a key player in creating high-demand products such as
Excellent representatives of BioPU), these products are derived from biological and petroleum sources. It’s a win for the industry, sustainability and the world. To save our planet and ourselves, we must switch from petroleum-based plastics to bio-based alternatives. Algenesis is clearly at the forefront of achieving this goal. ”
Rob, founder and CEO of Circulate Capital
Kaplan said: “We are excited to add Algenesis to CirculateCapital’s Disrupt portfolio, which is designed to drive disruptive innovation in circularity. As global brands work to drive circularity in their products, we see Algenesis through its innovations There is huge potential for new materials to capture this market opportunity.”
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