RWDC Industries Raises $133M In Funding for Biodegradable Plastic
Singapore-based RWDC Industries, Ltd. announced a successful funding round leading to $133 million in fresh funding in an effort to support their development of a biodegradable material as a suitable substitute for single-use plastic in products such as straws, bottle caps, and plates.
RWDC Industries is a biotechnology company focused on replacing petroleum-derived materials with safe, sustainable alternatives. In support of this mission, the company leverages nature to produce the materials we use in our daily lives.
The company’s polyhydroxyalkanoates (PHAs) are naturally produced by microbial fermentation of plant-based oils and sugars. Their main source is cooking oil, allowing for the production of PHA which is fully biodegradable and leaves behind no toxic residue.
The company will use the funding, which it will receive in two tranches, to expand production capacity by building a 4,000-tonne facility in Athens, Georgia in the United States to support clients’ initial product launches. It will also use the new funds to conduct research and development. It plans to follow up with another 25,000 tonne full-scale plant in Athens, and is also eyeing future production in Southeast Asia.
Investors in the funding round include venture capital firm Vickers Venture Partners, Flint Hills Resources, which is a unit of Koch Industries, pension fund CPV/CAP Pensionskasse Coop and alternate investment fund International SA, RWDC said.
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