In Ohio, Plastics Technology reported that bioplastics startup PlantSwitch has raised its financial investment by $8 million with participation of large institutional investment firm NexPoint Capital to proceed with its first commercial manufacturing facility in North Carolina and expand its team.
The report stated that the plant began producing material in December 2023. The company developed what it calls a revolutionary bioplastic technology that converts cellulosic agricultural waste streams into a low-cost, compostable plastic resin alternative, with the aim of replacing conventional single-use plastics.
PlantSwitch CEO Dillon Baxter, said: “Major corporations have made commitments to lower their plastic consumption and the toxic waste it produces, but the proper infrastructure to deliver a viable alternative hasn’t existed. This $8 million raise, in partnership with NexPoint, is being invested in building out this infrastructure, which will drive the alternative plastics market forward. We believe the infrastructure for compostable bioplastics is critical to the future of our economy, our health and our planet.”
PlantSwitch is now gearing up for its 2024 Series A fundraise, which will be used to expand capacity with additional manufacturing facilities, the report added.
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Tags: bioplastics, PlantSwitch
Category: Fuels
