US firm Newlight Technologies pockets $9.2M in Series C round to turn greenhouse gases into low-cost plastics
Newlight Technologies has just raised $9.2 million in its Series C financing to make low-cost plastic out of greenhouse gases. The company will use the new capital to accelerate its growth and meet the demand for its products. To date, the firm has raised a total capital of $19 million, according to Fox Business.
Founder Mark Herrema gave a glimpse of how they make their product: "We actually use greenhouse gas, combine it with air and then use that to synthesize a polymer. And that polymer can replace oil-based plastics... Because our process is so efficient, we're actually reducing the costs of plastics production."
According to Herrema, Newlight's product is superior to traditional alternatives in terms of cost. The products are made in its California-based facilities. For 2014, the firm aims to manufacture 50 million pounds of plastic made out of methane from a dairy farm, the report detailed.
Newlight is presently gearing up to scale its business. Another goal of the company is to let people see that plastic could become a solution to climate change, Fox Business reported.