<div>
  <p>
  </p>
  <ul>
    <li>
      <p>
        75% of US consumers want companies to maintain environmentally friendly practices that have been adopted since the onset of the pandemic.
      </p>
    </li>
    <li>
      <p>
        Sustainable environmental, social, and governance (ESG) funds outperformed traditional stock benchmarks in 2020.
      </p>
    </li>
    <li>
      <p>
        Governments and businesses are incorporating sustainability initiatives into their Covid-19 recovery strategies.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


COVID19-IMPACT

<p>While the startups profiled in this report engage in a great variety of processes and inputs, there are some overlaps between businesses within the different bio-based material segments and even with the segments of recycled materials.</p><p>Within the bio-based leather market, the most highly-funded startups as of July 2021 are Bolt Threads, Modern Meadow, and Ecovative Design. These companies derive a form of vegan leathers from natural materials such as mycelium, algae, yeast, and other plant-based sources. Bolt Threads is also leading the bio-based textiles space in terms of the highest private funding. However, this segment also includes the listed disruptor Spinnova, and Allbirds—which reportedly filed for an initial public offering in June 2021 and is expected to go public by September 2021.</p><p>Regarding bio-based packaging materials, Origin Materials, Ecovative Design, and Anellotech are the most highly-funded startups. Origin Materials agreed to merge with a publicly-traded special purpose acquisition company (SPAC) in February 2021, a transaction that resulted in Origin Materials going public at a USD 1.8 billion valuation. This segment focuses on bioplastics and other biodegradable materials for packaging and single-use plastic applications.</p><p>The recycled materials segments include companies working to solve the global plastic pollution problem by producing recycled alternatives to plastic, textile materials and other materials with applications in household goods, building materials, and furnishing. Common inputs for companies in this space include clothing waste, plastic waste, and food waste.</p>

<p>We break down the sustainable materials industry into materials derived using bio-based and recycled sources. Within bio-based we looked at companies innovating new types of sustainable alternatives to leather, along with innovations in materials used in textile, packaging and industrial applications. The recycled materials segment includes companies that recycle used clothing, plastic waste, and food waste for materials to be used in textile, packaging, and other applications such as household items and building materials. Each segment represents a wide range of products given a broad diversity of materials and processes employed by competing firms. The segments involved in bio-based materials have the largest number of companies, the leather segment leads in terms of funding and the commercialization of products relative to other textile materials.</p>

<div>
  <p>
    Bolt Threads manufactures vegan “spider” silk and mycelium-based materials. The company was founded in 2009 by a bioengineer, a biophysicist, and a biochemist. In 2015, the company opened a 32,000 sq ft production facility, and launched its Microsilk products in March 2017 under its clothing brand, Best Made Co. Bolt Threads develops isolated silk proteins from proteins inspired by spider silk through a yeast fermentation process. In 2017, Bolt Threads launched its first collaboration with fashion designer Stella McCartney and introduced its second prototype in the form of a biodegradable tennis dress. Microsilk remains significantly more expensive than traditional silk and the founders are seeking ways to scale up. 
  </p>
  <p>
    In 2019, the company developed another biomaterial via mushroom-based mycelium, an alternative leather product branded as Mylo, which is produced on a large scale. Mylo has been used in various prototype collaborations with Stella McCartney and Chester Wallace, a Seattle-based leather bag manufacturer. In October 2020, The Mylo Consortium was formed, including Adidas, Stella McCartney, Kering, and Lululemon, who collectively  have made a seven-figure investment into Bolt Threads for the production of Mylo. In return for their investments, these brands will have access to a large supply of the product. In March 2021, Stella McCartney used Mylo to create clothing prototypes with plans to use the material in upcoming collections. In April 2021, Adidas used Mylo to produce high-performance footwear for the first time by making a vegan version of its “Stan Smith” sneaker design that dates back to 1965. Adidas also had plans to expand the use of Mylo material in its other products including handbags, wallets, shoes, jackets.  In July 2021, Bolt Threads partnered with the Canadian athletic apparel retailer Lululemon, to introduce mycelium (a mushroom root structure) leather in creating yoga accessories.
  </p>
  <p>
    The company’s last funding round was a USD 123 million Series D in January 2018.
  </p>
  <p>
  </p>
</div>


Bolt Threads

<div>
  <p>
    Modern Meadow develops collagen-based materials from plant proteins, using a range of biofabrication processes including the creation of bio alloys, solution dyeing, protein design, and fermentation. The focus of the company is on the luxury branded market with its fully biodegradable proprietary brand, “ZOA”. Modern Meadow announced a partnership with Evonik in March 2018, to develop and scale-up the commercial production of fermentation-based products. 
  </p>
  <p>
    In April 2020, Modern Meadow announced plans to commence commercial production later that year and was actively looking for manufacturing partners. As of January 2019, Modern Meadow had 90 employees at its 72,000 sq ft factory in New Jersey. In April 2021, the company reported that it would announce collaborations with fashion brands and industry partners during the following six to nine months. 
  </p>
  <p>
    In April 2021, the company raised USD 130 million in a Series C funding round led by Key Partners Capital to (i) develop the company's biofabrication technology, used in creating an alternative to fossil-fuel-based textile coatings; and (ii) scale-up and commercialize its collagen-based leather material.
  </p>
  <p>
  </p>
</div>


Modern Meadow

<div>
  <p>
    Ecovative Design produces advanced packing materials using mycelium-based fungus. The company produces macrostructures, which have tunable characteristics that allow the company to manufacture solutions such as packaging materials, makeup foam, insulated jackets, thermal lines, and structures for plant-based meat. 
  </p>
  <p>
    Ecovative operates three platforms: 1) MycoFlex, which converts the macrostructures into pure mycelium foam that can be applied in the textiles, skincare, and apparel industries, 2) MycoComposite, which uses mycelium to bind agricultural byproducts together to produce bio-based, durable, and 100% compostable materials and, 3) Atlast Food Co, a plant-based meat arm launched in September 2019, released bacon made from mushroom material.
  </p>
  <p>
    The MycoComposite platform is patented and has been licensed out by UK-based Magical Mushroom Company, a mycelium-based packaging producer, US mycelium packaging producer Paradise Packaging, and Grown.bio, a producer of mycelium packaging, insulation panels and interior design products based in the Netherlands.
  </p>
  <p>
    In April 2011, Dell announced the launch of a pilot project involving patented mushroom packaging for its computers, called EcoCradle. Dell’s packaging team worked with Ecovative Desgin’s mushroom engineers to develop the packaging materials. In 2019, media reports stated that IKEA had made the switch from Styrofoam to mushroom-based packaging via Ecovative Desgin’s MycoComposite platform, across all its products. Ecovative has a 35,000 sq ft production and research facility located in New York. The company raised USD 10 million in October 2019, its first significant funding since 2013.
  </p>
  <p>
    In March 2021, the Ecovative Design raised USD 60 million in Series D funding led by Viking Global Investors. The funds are expected to be used to expand commercial-scale mycelium materials across key markets, create new applications and increase production by tenfold. As of the same date, the company announced of a manufacturing platform (named “AirMycelium”), which can support up to 100,000 lb. of mycelium production per year.   
  </p>
  <p>
  </p>
</div>


Ecovative Design

<div>
  <p>
    MycoWorks is a manufacturer of alternative leather using mushroom-based fungi. Its proprietary brand, Reishi, is manufactured using a patented process called “Fine Mycelium”, which uses fungi’s capacity to bind to itself and carbon-based materials in producing durable three-dimensional material. The benefits of Reishi, according to MycoWorks, include its tensile strength (the force needed to pull material to its breaking point) at 10 Megapascals (MPa), compared to the average cowhide tensile strength of 8.5 MPa. Reishi is also customizable (in terms of sizing and specifications) allowing growing direct-to-design products that eliminate waste from cutting and trimming.
  </p>
  <p>
    MycoWorks raised USD 45 million in a Series B round in November 2020, led by WTT Investment Ltd and DCVC Bio, bringing the total funds raised to USD 62 million. This funding round also included participation from celebrities including John Legend and Natalie Portman, as well as from several fashion brands. This announcement came at the same time as the opening of the company’s third Reishi plant in California. The new plant has an annual production capacity of 80,000 sq ft of material, increasing the company’s production capacity tenfold. 
  </p>
  <p>
    Reishi remains in the prototype development and testing phase. The company announced that the material is currently being tested in clothing, shoe, wallet, and handbag design. The company indicated in November 2020 that the first luxury fashion and footwear products containing Reishi will be launched in partnership with leading fashion and footwear brands in the coming months. MycoWorks also partnered with Hermès, the French luxury goods manufacturer, in March 2021 to use a material named “Sylvania”(a Fine Mycelium-based material developed by the two companies over three years) in a sustainable version of Hermès’s “Victoria” travel bag, by the end of 2021. 
  </p>
</div>


MycoWorks

<div>
  <p>
    Natural Fiber Welding (NFW), a company operating material brands Clarus and Mirum, develops a technology that can recycle plants and natural fibers to make textiles and other durable items. Clarus, which will offer performance cotton textiles produced from molecularly bonded recycled fibers, remains at the demonstration stage and is seeking global partners. Mirum, a synthetic material created through the reformatting of natural, biodegradable polymers from hemp, waste cork, coconut, and vegetable oil has reached commercialization and can be used across handbags, clothing, footwear, and car interiors. Unlike other plant-based leather alternatives, the product does not use plastic resins, glues, or coatings, making it 100% free of petroleum-based plastic. 
  </p>
  <p>
    In February 2020, NFW presented a pilot project together with Indian-based automotive supplier, Motherson, in the form of the door trim for the Porsche Taycan. The company received a USD 13 million investment from the leading luxury lifestyle brand Ralph Lauren in August 2020. The investment forms a part of Ralph Lauren’s goal of sourcing 100% of its key materials from sustainable sources by 2025.
  </p>
  <p>
    In February 2021, NFW announced plans to set up a new plant in Illinois to expand the production of “Mirum,”. The facility will span over 110,000 sq. ft. and is expected to expand its workforce of 80 (as of February 2021) by an additional 100 employees by the end of 2021. In February 2021, NFW partnered with the plant-based bag brand Bellroy to incorporate Mirum in Bellroy’s plant-based pouches while launching a patch and trim collection through a partnership with Medike-Landes, a global manufacturer of labels, trims, and accessories.  NFW received USD 2 million in investment from Allbirds, a sustainability-focused footwear and apparel brand in March 2021.Allbirds plans to incorporate NFW’s vegan leather in its footwear offerings by December 2021. The investment could also lead to Allbirds using NFW’s plant-based materials to manufacture other products, including socks, shoes, t-shirts, underwear, sweaters, jackets, and face masks. In April 2021, Natural Fiber Welding collaborated with Richemont, a jewellery, fashion and accessories brand to use natural materials in Richemont’s products. 
  </p>
  <p>
    In July 2021, NFW raised USD 15 million in a funding round led by The Community Development Venture Capital Alliance (CDVCA). The funding went towards scaling-up the production of recycled materials and to expand into new verticals such as the automotive upholstery. NFW also plans to expand its employee-base by 240, from its staff count of 130 as of July 2021.
  </p>
</div>


Natural Fiber Welding

<div>
  <p>
    Based in the UK, Ananas Anam produces Piñatex, a patented vegan leather made from pineapple leaves which is generally discarded as waste. The material consists of 80% pineapple leaf fiber mixed with polylactic acid (PLA) (a bioplastic derived from corn), which makes up the remaining 20% of the material. The pineapple leaves are sourced from the Philippines and the production takes place in Spain. The company claims that an average of 480 pineapple leaves produce around 10 sq. ft. of Piñatex. Ananas Anam received its B Corp Certification in 2020. 
  </p>
  <p>
    The company has reported a doubling of revenue every year between 2013 and 2019, and revenue growth for 2020 of 40%. As of May 2021, the company employed 10 staff in the UK with Piñatex was used in products such as footwear, clothing, handbags, accessories, automotive upholstery, and hotel interior installations in over 80 countries. By May 2021, Ananas Anam had collaborated with around 3,000 brands including Nike, H&M, Skoda, Hugo Boss, Adidas, and Hilton Bankside Hotel.
  </p>
  <p>
  </p>
  <p>
  </p>
</div>


Ananas Anam

<div>
  <p>
    Based in Brazil, Nova Kaeru develops a vegan leather material named beLEAF, made from the large leaves of the Elephant Ear plant. The company claims that the bio-leather can be produced in a range of colors and textures and can be used in clothing, footwear, accessories, and furniture.
  </p>
  <p>
    In 2019, the beLEAF material was used in Nike footwear. In addition, the material was also used to create furniture by designers Rodrigo Brenner and Maurício Noronha during the same year. In 2020, Brazilian designer João Maraschin launched beLEAF at London’s Fashion Week. Furthermore, the company claims that it is working with brands such as Prada, Hermès, Gucci, and New Balance.
  </p>
  <p>
    In addition to beLEAF, the company has also developed a fish leather material from fish industry waste. Nova Kaeru’s Pirarucu fish skin can be used in footwear, handbags, apparel, and upholstery. The vegan leather material and picaru skin are processed using Nova Kaeru’s proprietary organic tanning method, LIVE (Low Input Vast Effect), free of heavy metals.
  </p>
  <p>
    As of May 2021, the company was exporting its products to more than 30 countries, with distribution through warehouses across the US, Europe, and Asia.
  </p>
  <p>
  </p>
</div>


Nova Kaeru

<div>
  <p>
    Desserto is a Mexican cactus-based vegan leather material. To produce the material cactus leaves are cut, mashed, dried and the powdered cactus leaves are blended with a biobased polyurethane to produce the leather. The company claims that three cactus leaves can produce one linear meter of Desserto material. Following two years of R&D, founders Adrián López Velarde and Marte Cázarez showcased Desserto in Italy in October 2019. The material can be produced in a range of colors, thicknesses, and textures and can be used in applications across fashion, aeronautics, automotive, footwear, and furniture industries. 
  </p>
  <p>
    
    In March 2021, Desserto claimed that it can produce up to 25 million square meters of material per year. In addition to Desserto, the founders have also developed “Deserttex”, a cactus-based material targeting the automotive industry. Further, the company’s R&D team is working on replacing the biobased polyurethane with plant-based and fully biodegradable resins in the future. Desserto was awarded for its cruelty-free vegan leather by PETA, the largest animal rights organization in the world in March 2021. 
  </p>
  <p>
    The company has partnered with a number of organizations to commercialize its material. Some of its key partners include H&M —to incorporate Desserto in its clothing under the new collection “Science Story”; Fossil — to use cactus leather in crafting its bag “Kier Tote”; Dominic & Dempsey (a sustainable children’s footwear brand) to create vegan leather boots for toddlers; and BMW— to use Desserto’s new ‘Deserttex’ material to replace animal-based car interiors. 
  </p>
</div>


Desserto

<div>
  <p>
    FruitLeather Rotterdam develops a durable, bio-leather from leftover mangoes. The process involves deseeding and creating fruit pulp, which is then dried into sheets that can be cut, sewn, printed, and covered with coatings to resemble real leather. The material is used across fashion items such as footwear and accessories as well as interiors. 
  </p>
  <p>
    FruitLeather Rotterdam’s mango leather has been used in London-based luxury sustainable label Luxtra’s vegan handbags. In December 2020, the company also partnered with Spanish fashion brand SAYE for mango leather sneakers.
  </p>
  <p>
  </p>
</div>


FruitLeather Rotterdam

<div>
  <p>
    Von Holzhausen is a producer of handbags using alternative leather materials. The company develops a vegan leather material called “Banbü,” which is created from bamboo plants and coated with plant-based resin. Von Holzhausen also produces “Technik-leather,” a leather substitute created from recycled materials such as recycled plastic bottles. Banbü and Technik can be used in products across the fashion and automotive industries.
  </p>
  <p>
    In November 2020, the company collaborated with Apple to launch accessories for the Apple Watch and the MacBook made from its Technik-leather material.
  </p>
</div>


Von Holzhausen

<div>
  <p>
    Based in Italy, Frumat develops a leather material from the skin and core waste from food industry apples. Its materials consist of 50% apple and 50% polyurethane and its products include apple cards (paper for stationery and packaging) and apple skins (used in fashion, furniture, and manufacturing industries). 
  </p>
  <p>
    The pulp left over from the apple-juice making process is dried and ground into powder and mixed with pigments and a binding chemical to produce a mixture; which is then dehydrated and combined with polyurethane, to create the flexible leather material. The apple skin manufacturing process is patented by the company.
  </p>
  <p>
    In March 2020, Tommy Hilfiger launched two sneaker models made using apple peel fibers in partnership with Frumat. Several other fashion brands including Caval, Happy Genie, Veerah, Womsh, Luxtra London have used Frumat apple leather in their handbags, sneakers, and wallets.
  </p>
</div>


Frumat

Bio-based leather

Developers of materials with applications across apparel, automobile, home goods, etc.

<div>
  <p>
    Qorium, a company based in the Netherlands, plans to develop and market cell-cultured collagen-based leather. The company claims that the manufacturing process of the material consumes 99% less water and 66% less energy compared to conventional cow leather manufacturing. It also omits the first two phases of the leather tanning process which reportedly causes significant pollution. Qorium has released a prototype of the bio-leather material which can be used by brands that operate in luxury leather goods, automotive, and premium footwear industries.
  </p>
  <p>
    In July 2021, the company raised EUR 2.6 million (USD 3.1 million) in a funding round led by Brightland Venture partners and an undisclosed biotech investor to expand R&D to scale up its cell-culture technology, and to produce large sheets of cultivated leather from bovine skin cells.
  </p>
</div>


Qorium

<div>
  <p>
    Beyond Leather Materials is a B2B supplier of alternative textiles produced from apple pulp, the byproduct of juice and cider production. The company claims that five kilograms of apple pulp can produce a square meter of apple leather and with colors and textures that cannot be achieved with conventional leather. 
  </p>
  <p>
    The company, which has been developing the material since 2017, stated in November 2020 that its team is working towards entering the shoe market within the next two years. Over the longer term, the company plans to obtain certificates for car seats that will last at least ten years.
  </p>
  <p>
    In July 2020, the company raised EUR 1.1 million (USD 1.24 million) in seed funding to open a manufacturing facility in its hometown of Copenhagen and to recruit more staff.
  </p>
  <p>
  </p>
</div>


Beyond Leather Materials

<div>
  <p>
    Po-Zu is a UK-based footwear brand that uses sustainable materials such as Piñatex (pineapple leaf fiber), Frumat (apple leather), cactus leather, sugarcane, and cork in its footwear. The company’s “POZ” sneaker was launched in December 2020 and consists of a cactus-based upper material, a sole from EVA resin derived from sugarcane, laces from organic cotton, and a mid-sole of natural latex and cork. 
  </p>
  <p>
    The company—that initially produced footwear from both conventional leather and vegan materials—transformed into a 100% vegan footwear producer in 2021. Po-Zu has also partnered with brands such as Timberland (in 2011), Maharishi (in 2008), and Amazon Life (in 2009) to produce sustainable footwear.
  </p>
  <p>
  </p>
</div>


Po-Zu

<div>
  <p>
    Bucha Leather is a leather material produced from bacterial nanocellulose through the kombucha brewing process. The material is created by combining sweet tea with bacteria to form mats, which are then dried, processed, and treated with natural waxes and dyes.
  </p>
  <p>
    The company claims that its vegan leather material can be produced significantly faster than animal leather. As of October 2020, the company claimed that they were working with partners to incorporate the material in footwear, pillows, and clothing.
  </p>
  <p>
  </p>
</div>


Bucha Bio

<div>
  <p>
    Mycotech develops both building materials and an alternative leather material named “mylea” by combining agricultural waste (including palm oil plants, sugar cane, and sea-shells) with mycelium (root structure of mushrooms). The product of this process, mylea, is developed with fungus grown on sawdust that is later dried. Mycotech also uses natural dye extracted from roots, leaves, and food waste in their mushroom leather. 
  </p>
  <p>
    Mycotech’s building material is generally used for heat insulation and wall decoration. The company’s leather material is used in fashion products such as sneakers—including a collaboration with show brand Bro.do—and products including watch straps, card tabs, wallets, lampshades, and sandals. The company claims profit margins in the 30-40% range and has a full order book until 2027. The company received B Corp certification in November 2019. 
  </p>
  <p>
    The Indonesian company raised seed funding of USD 20,000 and an undisclosed amount of funding in 2018 led by 500 startups.
  </p>
</div>


Mycotech

<div>
  <p>
    Based in Peru, Le Qara develops an alternative leather material from microorganisms. The process involves feeding microorganisms with plants and fruit residue. The benefit of the leather material is that it can be engineered into different textures, thicknesses, and levels of flexibility. As of March 2020, the company had applied for a patent for its bioleather technology and plans to commence commercial-scale production by July 2022.
  </p>
  <p>
    The bioleather material, mainly used in the fashion industry, has been used in prototype products such as bags.
  </p>
</div>


Le Qara

<div>
  <p>
    UK-based Biophilica develops the vegan leather material “Treekind” from green waste, such as leaves and twigs collected from parks and gardens. The material is fully recyclable and biodegradable and does not contain petroleum-based polymers. Treekind is still in the research and development stage and is expected to be used across the fashion, furniture, and automotive industries. The company claims that the UK's annual volume of 6 million tons of green waste could be converted into 3.4 million sq. yds. of Treekind material annually.
  </p>
  <p>
    In September 2020, the company launched a crowdfunding campaign to raise funds to produce the first 545 yards of Treekind material, raising GBP 10,000 (USD 14,200) in the process. 
  </p>
</div>


Biophilica

<div>
  <p>
    Based in Romania, Amadou Leather develops a vegan leather material from mushrooms. The material mimics a suede texture and is grown on recycled sawdust, cultivated through methods used to grow edible mushrooms. The company claims the material also absorbs moisture, insulates heat, and is antimicrobial. The material is in the research and development phase and was first used in a prototype product for indoor and outdoor slippers in 2017. Amadou’s material has various applications across industries, including fashion, furniture, automotive, and transportation.
  </p>
  <p>
    In 2020, Eden Power Corp., a sustainability-focused fashion brand, started including hats made from Amadou Leather in its “Mycelium” collection. 
  </p>
</div>


Amadou Leather

<div>
  <p>
    Based in Milan, Italy, Vegea develops plant-based alternatives to synthetic oil-derivative materials for use in fashion, furniture, packaging, automotive & transportation. The company’s  patented (2016) product ‘Vegea’—a simulated leather made from waste byproducts of winemaking such as grape skin, stalk and seed fibres—was first launched in Milan in October 2017. The company estimates that the 7 billion kilos (7.7 million tons) of grape marc (winemaking residue) leftover from 26 billion liters (6.8 billion gallons) of wine produced  annually could produce 3 billion square meters (32 billion square feet) of the wine leather.
  </p>
  <p>
    In January 2020, Swedish retailer H&M partnered with Vegea to use the vegan leather in its eco-friendly “Conscious Collection” including handbags and shoes. In June 2020, the Dutch footwear manufacturer Mercer Amsterdam launched a sneaker, named “W3RD Wine Pack”, made using Vegea. Vegea has also been used in footwear produced by brands such as Redemption and Le Coq Sportif; and in car seats by automobile manufacturer Bentley.
  </p>
  <p>
    In May 2021, Vegea raised over USD 200,000 in a Kickstarter campaign to create a grape leather bag (named "grappaSac") designed under the Australian fashion brand “iFarmaissance.”)
  </p>
  <p>
  </p>
  <p>
  </p>
</div>


Vegea

<div>
  <p>
    Based in Germany, ScobyTec is a startup producing sustainable and vegan materials made from fermented yeast cultures to replace animal and/or fossil-based polymers. The company’s proprietary material, ScobyTec BNC (Bacterial Nano Cellulose), is scalable and can produce vegan leather, bioplastics, viscose threads, and specialty papers for use in the apparel, furniture, automotive, aerospace, and electronic components industries. ScobyTec has developed several prototypes. It’s first product, the Biker Vest, was developed in February 2014, followed by an interactive costume for The Freiscütz Opera in May 2015. Since then, the company has developed a glove, a children’s shoe, a handbag and a notebook sleeve. In 2019, ScobyTec announced plans to start pilot production in 2020, with plans to scale-up for shoe production by 2022. 
  </p>
  <p>
  </p>
</div>


ScobyTec

<div>
  <p>
    Based in Poland, Bio2Materials develops a leather alternative using apple pomace, the dry pulp from the milling and pressing of the fruit. Located in Poland, the company is able to access the country’s output of up to 500 tons of apple pomace a day during peak season. The apple pomace is considered the largest contributor to organic waste produced from fruit and vegetable processing in the country.
  </p>
  <p>
    As of July 2020, the product was at the prototyping stage. The company has plans to commercialize the product in the near future, targeting the B2B markets in the apparel, furniture, and automobile industries.
  </p>
</div>


Bio2Materials

<div>
  <p>
    Oleago is a Turkish company that produces a vegan leather material, “Oleatex,” made from olive industry waste and other bio-waste. According to the company, 1.2 sq. yds. of Oleatex material is produced from 300 grams of waste. The company has created five different types of Oleatex (with varying textures) to fit applications for clothing, bags and wallets, shoes, labels, and book bindings. As of April 2021, the material was 70% bio-based, with the company working toward making the product 100% bio-based.
  </p>
  <p>
  </p>
</div>


Oleago

<div>
  <p>
    Based in the UK, Wills’ Vegan Store is a producer of vegan leather using bio oil sourced from northern European organic cereal crops. The company operates a sustainable supply chain throughout its process and uses its leather to produce a range of daily-wear shoes, accessories, and handbags. 
  </p>
</div>


Wills’ Vegan Store

<div>
  <p>
    Based in California, Genomatica produces sustainable materials such as plastic and textile fiber made from plant-based alternatives to fossil fuels. The company claims that its bio-based production method lowers environmental impact by 93% compared to status quo methods. 
     
  </p>
  <p>
    The company's Bio-BDO (BDO refers to butanediol which is used in plastic) sustainable material is used in apparel, shoes, electronics, and automotive products. Its Bio-Nylon sustainable fiber is used in clothing and carpets. Genomatica also offers a sustainable chemical product called Brontide BG which is used primarily in cosmetics and personal care applications. As of July 2021, the company possessed 2,000 issued or pending patents issued for its range of bio-based products.
     
  </p>
  <p>
    The company also licenses its technology and partners with companies to set up bio-based production facilities. As of July 2021, the company has partnered with companies such as Covestro, Cargill, Novamont, Aquafil, ExxonMobil, Clariant, and BASF who will use the company’s bio-based solutions. 
     
  </p>
  <p>
    In 2016, the company built its first Bio-BDO production facility for the Italian bioplastic maker Novamont to produce its “Mater-Bi bioplastics” which is used to make products such as biodegradable, compostable plastic bags, food packages, and coffee capsules. The USD 110 million plant has the capacity to produce 40 million pounds of Bio-BDO per year. 
     
  </p>
  <p>
    In July 2021, Cargill was the second company to partner with Genomatica to build a USD 300 million commercial bioplastic production plant that will reportedly triple the global production capacity of the Bio-BDO product to 100,000 tons per year when the facility becomes operational in 2024. 
     
  </p>
  <p>
    In 2020, Genomatica signed a multi-year agreement with European nylon producer Aquafil to build a production facility that reportedly would increase the capacity of its Bio-Nylon product by 50x. The sustainable nylon material is expected to be used in leading clothing brands globally. 
     
  </p>
  <p>
    Also in 2020, the company reported that it generated revenue of USD 48 million which represents growth at a compound annual growth rate (CAGR) of 48% since 2016.  In July 2021, the company raised USD 118 million in a Series C funding round led by Novo Holdings. The company expects to use the funds to scale production and accelerate the commercialization of its plant-based sustainable material products globally. 
  </p>
</div>


Genomatica

<div>
  <p>
    Allbirds is a sustainability-focused footwear and apparel brand which crafts its products using a range of regenerative natural materials. A certified B Corporation since December 2016, the company has developed a range of proprietary materials including Trino (created from eucalyptus tree fibers and ZQ merino wool), TrinoXO (a fabric with fiber derived from the discarded shells of marine life), and SweetFoam (sugarcane-based alternative to petroleum-based foam used in footwear manufacturing). As of September 2021, the company’s products were available across 35 countries including the US, Japan, and China via its digital platform (that contributed 89% of total sales) and 31 retail stores.
  </p>
  <p>
    The company’s key products include 1) Wool Runner a machine-washable wool sneaker, 2) an apparel collection including products made from wood fibers, 3) Tree Dasher, a running shoe made from eucalyptus wood pulp and a “SweetFoam” sole and 4) “Natural Run Apparel”, an activewear collection made from its “Trino” material. AllBirds reports that more than 100 companies have inquired about incorporating SweetFoam in their supply chains as of August 2020.
  </p>
  <p>
    In February 2021, Allbirds invested USD 2 million into Natural Fiber Welding (NFW), a producer of textile and leather materials from recycled plants and natural fibers, to incorporate its “Mirum” vegan leather replacement material for its footwear by the end of 2021. Allbirds stated that it could potentially also use Mirum to manufacture socks, shoes, t-shirts, underwear, sweaters, jackets, and face masks.
  </p>
  <p>
    In August 2021, Allbirds filed for an initial public offering (IPO) on the Nasdaq under the ticker “BIRD”, seeking a valuation of over USD 2 billion—25% above the USD 1.6 billion valuation reached during its USD 100 million Series E funding round in September 2020.
  </p>
  <p>
    Allbirds generated revenue of USD 219.3 million in 2020, up 13.2% year-over-year (YoY), and reported an operating loss of USD 29.2 million. During H1 2021, the company’s revenue stood at  USD 117.5 million, (up 26.6% YoY) with an operating loss of USD 14.5 million. The company plans to grow revenue by expanding its store footprint in line with the post-pandemic recovery, while also introducing new products and continuing to attract repeat customers—who were responsible for 53% of net sales in 2020.
  </p>
</div>


Allbirds

<div>
  <p>
    Anellotech produces renewable chemicals from pinewood pulp, using its patented technology, Thermal Catalytic Biomass Conversion (Bio-TCat). Its core chemical outputs are 100% biobased BTX (i.e. benzene, toluene, and xylene). These BTX chemicals can be used to make high volume commodity polymers such as polyethylene terephthalate (PET), polyurethane, and nylon. These can be used for production in a range of industries such as food packaging, beverage bottling, clothing, carpeting, automotive components, and electronic components. Anellotech’s Bio-TCat process also produces a distillate range of hydrocarbon mixtures that have end-use applications in the power generation and jet fuel sectors. 
  </p>
  <p>
    Since 2013, Anellotech ran a pilot plant in Texas for the fine-tuning of its Bio-TCat process. Anellotech’s first commercial plant, which was under construction in 2020, will be capable of processing 500 dry tons per day of loblolly pine wood into 40,000 tons per year (860 BPSD) of products, and producing 30,000 tons of carbon monoxide and other byproduct gases for use in generating renewable electricity or used for chemical feedstock.
  </p>
  <p>
    In June 2020, Anellotech secured an undisclosed amount of funding from R Plus Japan, a joint venture company established in June 2020 by 12 cross industry partners within the plastics supply chain in Japan. The funding will go towards the development of Anellotech’s Plas-TCat technology, which aims to recycle postconsumer single use plastics. Both companies aim to commercialize this technology by 2027. 
  </p>
  <p>
  </p>
</div>


Anellotech

<div>
  <p>
    Based in Italy, Orange Fiber develops a viscose fabric from the byproducts of citrus juice production such as peels, pulp, and pith. The cellulose fiber extracted from citrus byproducts is converted into a silk-like yarn using a proprietary technology, which subsequently can be blended with any other type of yarn. The company produces four types of material: Orange Fiber Will, Orange Fiber Poplin, Orange Fiber Black Jersey, and Orange Fiber White Jersey,  each with varying contents of orange fiber.
  </p>
  <p>
    The first prototypes of the fabric were launched in September 2014 in Milan. In December 2015, the first pilot plant dedicated to the extraction of citrus pulp opened in Sicily, where production commenced. In October 2020, the company opened its second manufacturing facility in Sicily.
  </p>
  <p>
    In April 2017, fashion designer Salvatore Ferragamo partnered with Orange Fiber to use the latter’s fabric in its clothing. In April 2019, the company collaborated with Swedish fashion retailer H&M to create clothing under H&M’s “Conscious Exclusive Collection,” a premium collection made exclusively with recycled and sustainable materials. Orange Fiber material was also used in a limited edition tie collection by the artisan brand E. Marinella in June 2019. 
  </p>
  <p>
    Between April and July 2019, the company raised EUR 650,000 (approximately USD  720,000) from an equity crowdfunding campaign in Italy to set up a plant to increase the production capacity of Orange Fiber to 60 tons of cellulose per year.
  </p>
</div>


Orange Fiber

Bio-based textile materials

<div>
  <p>
    Based in Finland, Spinnova develops a cellulose-based sustainable textile fiber from wood, agricultural waste, and leather waste. The material can be used across applications such as footwear, garments, accessories, and upholstery. The company claims that its fiber is sustainable and fully circular using  99.5% less water and produces 64.5% less CO2 emissions than conventional cotton production. 
  </p>
  <p>
    In May 2021, Spinnova announced that it—together with Brazil-based wood raw material supplier Suzano—will invest EUR 22 million to construct its first commercial-scale manufacturing facility in Finland. The production facility is expected to come online in 2022 with a production capacity of one million tonnes of fiber per year by 2031. The company also plans to launch a pilot facility to produce fiber from leather waste in collaboration with KT Trading, the leather partner to premium-quality shoe brand ECCO, by the end of 2021. 
  </p>
  <p>
    As of June 2021, Spinnova has been used by brands such as Adidas, H&M, Norweigian outdoor brand Bergans, and Finish fashion brand Marimekko. During 2020, the company recorded revenue of approximately EUR 254,000 (approximately USD 310,300). As of October 2021, the company has also entered into partnerships with brands such as North Face and Icebreaker  to expand the use of its ‘Spinnova Fiber’. 
     
    In June 2021, Spinnova started trading on the Nasdaq Helsinki First North Growth Market following an initial public offering (IPO) that raised EUR 100 million (USD 117 million) in funding. Adidas also joined in on the investment, having announced plans to invest EUR 3 million (USD 3.7 million) in Spinnova’s IPO, in a bid to source a significant amount of sustainable fiber produced by Spinnova in the future. The company will direct EUR 60 million (USD 74 million) of the funds towards scaling up its wood-based fiber production and the remaining EUR 40 million (USD 48 million) in expanding its leather-based fibers manufacturing capacity, developing other sustainable raw materials, general R&D and patents, recruitment, marketing, and other purposes. 
  </p>
  <p>
  </p>
</div>


Spinnova

Developers of non-leather material alternatives such as wool, silk, and viscose—mostly for apparel

<div>
  <p>
    Based in Switzerland, Bananatex develops a durable, waterproof fabric using Abacá plant (a member of the banana family), which can be used across products such as furniture, bags, and footwear. The company operates in partnership with  Swiss bag brand QWSTION, a Taiwanese yarn specialist, and a weaving partner. The Bananatex material has been used to create bags (roll pack and hip pouch) under the QWSTION brand and furniture (MAE chair) in collaboration with German design studio PALAIUS. In April 2021, the company partnered with the UK-based footwear brand Good News to make sneakers in collaboration with H&M.  The company has also partnered with homeware brand Magazin and the Danish furniture brand Softline to create furniture (KOLTER ECO daybed).
  </p>
</div>


Bananatex

<div>
  <p>
    Biocouture creates sheets of cellulose manufactured from fermented yeast and bacterial fungi using agricultural waste as feedstock. These sheets of cellulose can then be molded into biodegradable wearable fabric. Currently, Biocouture uses materials like green tea and apple cider vinegar as base materials for its process. The company remains in the research phase and has developed prototypes of jackets and shoes. The company hopes to take advantage of developments in biotechnology over the next few decades to bioengineer fabrics using its cellulose sheets as the base. Biocouture was founded by Suzanne Lee, a Senior Research Fellow at Central Saint Martins College of Art and Design.
  </p>
</div>


Biocouture

<div>
  <p>
    Based in the Netherlands, Flocus produces sustainable fiber, yarn, fabric, and nonwoven materials from kapok fiber. Kapok fiber is derived from a fruit that grows on the Kapok tree, which is found in subtropical regions. Flocus claims that a single, fully grown Kapok tree can provide up to 66 lbs. of fiber. The fiber has insulating properties due to its hollow and hydrophobic nature, making it appropriate for use as a filler for jackets, sleeping bags, and blankets. Since the kapok fiber is stapled, short in length (around 2 cm to 4 cm), and lightweight, it needs to be blended with other fibers when creating fabrics. Flocus’s kapok applications span several industries, including apparel, medical, packaging, oil absorption, construction, hygiene, and automotive.
  </p>
</div>


Flocus

<div>
  <p>
    Vericool is a producer of compostable and recyclable thermal shippers. These are cold chain packaging solution alternatives to traditional Styrofoam. The company’s patented green technology manufacturing process has created a range of products, including the Vericooler, which claims to be the world’s first biodegradable and recyclable cooler, thermal and water-resistant packaging boxes, and shipping envelopes. Vericool’s products are applicable across the biomedical, life sciences, pharmaceutical, food packaging, and food delivery industries. Vericool’s production facility is located in California. 
  </p>
  <p>
    In January 2018, Vericool partnered with Raised Real, a subscription meal delivery service for children, to use the “Vericooler III” packaging solution to ship its products. In May 2018, the company announced a USD 10 million packaging partnership with ButcherBox, a premium meat delivery service, to use “Vericooler I” packaging. Furthermore, in June 2018, Vericool partnered with frozen confection company Dream Pops to use “Vericooler I” as its shipping packaging solution. In November 2020, Vericool developed a recyclable cooler for shipping Covid-19 vaccines. In June 2021, the company partnered with Red Jacket Orchards, a premium fruits and juices company; to introduce Vericool packaging for its online orders.
  </p>
  <p>
    Vericool raised USD 19.1 million in Series A funding in April 2020 from investors including Radicle Impact Partners and The Ecosystem Integrity Fund, among others. The company intended to use the new funding to support the business growth. 
  </p>
  <p>
  </p>
</div>


Vericool

<div>
  <p>
    Based in Finland, Sulapac manufactures patented bioplastic straws and packaging solutions using wood- and plant-based binders. Sulapac’s products are fully biodegradable and can be digested by naturally occurring microorganisms. The company’s product portfolio includes Sulapac Universal (for common household items), Sulapac Premium (for luxury products), Sulapac Packaging (for food and cosmetic packaging), and Sulapac Straws. In May 2021, the company also launched its “Nordic Collection,” a biodegradable microplastic-free jar range that can be used for water-based products, primarily in the beauty and personal care industry. Sulapac products can be used in modern plastics manufacturing processes such as extrusion and injection molding, and therefore requires no special machinery. 
  </p>
  <p>
    
    The company’s key customer partnerships include: Fazer (Finnish chocolate producer), to launch a confectionery packaging box;  Quadpack (international supplier of cosmetics packaging solutions), to develop its Nordic Collection which was to be launched as part of Quadpack’s Q-Line portfolio; and Chanel (a leading fashion brand), to design a fragrance bottle cap made out of 91% biobased materials collected from renewable resources.
  </p>
  <p>
    Sulapac raised EUR 15 million (USD 18.1 million) in December 2019, led by leading luxury brand Chanel. Sulapac plans to use the funds to scale up production and continue to develop new versions of its product.
  </p>
</div>


Sulapac

<div>
  <p>
    Loliware produces edible kelp-based cups and cutlery using a proprietary patented technology. All of Loliware’s products claimed to be hyper-compostable. As announced in January 2020, the company is expected to have launched small packs of straws for consumer purchase in early 2020 and had plans to launch more products such as cocktail straws, u-shaped straws and utensils in 2020. Loliware plans to add cups, lids, packaging, and kitchen utensils to its portfolio. 
  </p>
  <p>
    In October 2020, the company launched the LOLIWARE Straw, as an alternative to the 500 million plastic straws used daily in the US. In April 2018, French alcoholic beverage producer Pernod Ricard partnered with Loliware as part of its strategy to stop the use of single use plastic straws. Loliware has also partnered with Marriott to supply straws. Loliware has a capacity of two million straws per week at its current pilot plant based in New York. This is set to increase to an annual capacity of 30 billion straws in 2020, following the use of Loliware’s new production plant in Europe. 
  </p>
  <p>
    Loliware raised USD 6 million in a seed funding round in January 2019, led by venture studio Hatzimemos/Libby. The company aimed to use these funds to scale up and for further research and development. 
  </p>
  <p>
  </p>
</div>


Loliware

<div>
  <p>
    NotPla (previously known as Skipping Rocks Lab) develops a seaweed-based membrane, branded as Ooho, that acts as a packaging material for liquids. In September 2018, the company partnered with Lucozade, a Japanese soft drinks manufacturer, to trial its drink-filled Ooho product, sampling more than 42,000 units. In 2018, NotPla partnered with Just Eat, an online food order and delivery service, to test a sauce sachet across ten of its restaurant partners. As of April 2021, Notpla had supplied Just Eat with 46,000 sauce sachets. In November 2019, NotPla also collaborated with Unilever’s Hellman and 65 of Just Eat restaurant’s partners to try its edible membrane for use as a sauce sachet. 
  </p>
  <p>
    In March 2021, Just Eat partnered with Notpla further to trial Notpla’s compostable seaweed-based food boxes in food delivery packaging. 
  </p>
  <p>
  </p>
</div>


NotPla

<div>
  <p>
    Based in France, Lactips produces plastic free, water soluble, and biodegradable plastic. The company’s patented Lactips technology uses casein to produce thermoplastic pellets. Lactips’ material is customizable and designed to be compatible with modern production machines. As such, it can be converted using existing processes such as extrusion, injection, or blow molding, as well as vertical and horizontal flow packing. The material has applications across a variety of sectors including the food, cosmetics, textiles, agriculture, and construction industries. In 2019, Lactips entered into distribution partnerships with German chemicals company BASF and IMCD, a German distributor of food ingredients and specialty chemicals. 
  </p>
  <p>
    Lactips is set to open a 2,500 square meter facility in 2021. Located in Saint-Paul-en-Jarez, the facility will have a capacity of 3,000 tons of pellets annually, compared to Lactips’ current capacity of 1,500 tons. With a gradual installation of up to six production lines, the target is to touch a capacity of 10,000 tons per year. The company raised EUR 13 million (USD 15.7 million), led by Bpifrance’s SPI (Société de Projet Industriel) fund and the innovation investment arm of Mitsubishi Chemical Holdings. Lactips aims to use the funds to scale its industrial facilities and product development.
  </p>
  <p>
  </p>
</div>


Lactips

<div>
  <p>
    The Magical Mushroom Company (MMC) is a UK-based sustainable packing material producer with a license to produce “Mushroom Packaging” in the EU, UK, and Ireland. The material is created using mycelium composite technology, a process patented by Ecovative Design, to combine agricultural waste products such as hemp, hops, corn, and timber and with mycelium (root system of the mushroom) and is then grown into shape using 3D molds.
  </p>
  <p>
     MMC claims that the packaging solution matches conventional polystyrene packaging on performance and cost and is already being used to package goods, including cookers, cosmetics, and other everyday consumer products. Its primary production facility in Surrey commenced operations in August 2020 with an annual production capacity of over one million packaging units. 
  </p>
  <p>
     In March 2021, the company announced plans to scale-up production, including opening a second UK plant in 2021 to increase production capacity to more than 3 million units per year, expanding production facilities into Bulgaria and Italy to increase annual production capacity in the EU to more than 6 million units, and opening a third continental European plant in Germany in 2022. 
  </p>
  <p>
     As of March 2021, the company claims to have collaborated with brands including Lush Cosmetics, Raine Marine, Bodyshop, Seedlip (from the Diageo group), and luxury designer Tom Dixon. 
  </p>
</div>


Magical Mushroom

<div>
  <p>
    Based in New Zealand, Noissue provides sustainable B2B packaging solutions including tissue paper, tape, and envelopes and mailers. The packaging is made from plant-based or biopolymer materials and recycled plastic. The company also offers reusable packaging. Noissue’s eco-friendly tissue paper is made with wood pulp and printed with soy-based ink, an alternative to petroleum-based ink.  As of February 2020, Noissue had served over 25,000 customers.
  </p>
</div>


Noissue

<div>
  <p>
    UK-based Vegware develops over 300 types of plant-based single-use food packaging solutions such as cups, bowls, food cartons, bags, straws, and cutlery. Vegware’s products are made from materials including recycled paper, biopolymers (PLA), byproducts of the sugarcane industry, palm leaf, and wood pulp.  
  </p>
  <p>
    The company reported revenues of GBP 45.9 million for the year ended January 2020 and was ranked as the 75th fastest growing company in the UK by the Sunday Times Virgin Atlantic Fast Track 100. As of October 2020, Vegware sold products in over 70 countries across Europe, the Middle East, South America, and the Caribbean.
  </p>
  <p>
  </p>
  <p>
  </p>
</div>


Vegware

<div>
  <p>
    Paboco is a Danish joint venture between paper packaging developer BillerudKorsnäs and bottle manufacturer Alpla. The company’s paper bottles were initially made with recycled newspapers and envelopes and the need to refine paper bottles further led to the use of sustainably sourced wood fibers. These bottles are capable of withstanding various liquids and high pressure from CO2 and oxygen, thereby rendering them suitable for liquid goods such as carbonated drinks, still drinks, and beauty products. 
  </p>
  <p>
    In September 2020, Paboco partnered with the Swedish Vodka brand Absolut to introduce a fully bio-based recyclable paper bottle prototype. The bottle consisted of an extra strong paper shell, made out of 57% paper and 43% recycled plastic and a thin lining of recyclable PVC-free plastic. Paboco plans to develop a liner with alternative materials to move towards the goal of a 100% bio-based model. 
  </p>
  <p>
    In January 2021, L’Oréal announced its brands La Roche Posay and Khiel’s would use cardboard bottles developed by Paboco. Meanwhile, in February 2021, the company partnered with Coca-Cola to trial a paper bottle for its beverage AdeZ in Hungary. Paboco is also collaborating with the Beer company Carlsberg to develop a prototype of a paper beer bottle.
  </p>
  <p>
    In July 2021, the company partnered with 
    multinational consumer goods company Procter & Gamble (P&G), to introduce a paper bottle for its ??fabric enhancer brand ‘Lenor’. P&G plans to trial Paboco’s paper bottles in Western Europe in 2022 and will adopt the packaging across its entire portfolio, subject to the success of the pilot run.
  </p>
  <p>
  </p>
  <p>
  </p>
</div>


Paboco

<div>
  <p>
    Based in Ireland, Bioplastech produces biopolymers that can be used to make a range of bioplastics for use in commodity, packaging, and medical device applications. The company uses biotechnology to develop and sell compostable polymers and monomers from sustainable and waste resources. Bioplastech has also developed a range of adhesive and biosurfactant applications for its biopolymers. Bioplastech has a fermentation capacity up to 1,500 liters. 
  </p>
</div>


Bioplastech

<div>
  <p>
    Based in the UK, Delipac is a producer of paper-based recyclable, biodegradable and compostable packaging solutions to replace plastic packaging. The water-based (non-plastic) barrier solution applied to the surface of the company’s packaging solutions, is safe to contact with food, sauces, and liquids and resistant to both high oven and deep freeze temperatures; while also making packaging fully biodegradable. In addition to the applications in the food & beverage industry, Delipac’s material is also used in cosmetic and hygiene packaging and in horticultural products.
  </p>
  <p>
    In April 2021, the company partnered with Vegan Gelato company Sacred Serve to provide recyclable ice cream cartons for its products—an industry first. The company has also partnered with companies including premium coffee brand Halo and chocolate manufacturer Hadleigh Maid for sustainable packaging solutions. 
  </p>
</div>


Delipac

Bio-based packaging materials

<div>
  <p>
    Danimer Scientific produces sustainable biopolymers for biodegradable and compostable plastic products. The company’s technology can already be found in a range of products and components such as additives, aqueous coatings, fibers, filaments, films, and injection-molded articles, among other plastic substitutes. The company’s proprietary Nodax polyhydroxyalkanoate (PHA) packaging solution is produced through a natural fermentation process using biodegraded plant oils such as soy and canola. All of Danimer Scientific’s biopolymers including Nodax PHA are FDA approved for food contact. 
  </p>
  <p>
    As of  December 2020, the company held more than 150 patents and 20 pending patent applications in approximately 20 countries for a range of manufacturing processes and biopolymer formulations. The company has also collaborated with key manufacturers and consumer product companies—including PepsiCo, Nestlé, and Bacardi, among others—to introduce sustainable solutions for straws, food and beverage containers, and flexible packaging. In March 2021, the company entered into a two-year partnership with Mars Wrigley, a multinational confectionery manufacturer to introduce compostable packaging for its “Skittles” brand. 
  </p>
  <p>
    In March 2021, Danimer Scientific announced plans to invest USD 700 million to build a 2 million sq. ft. facility in Georgia to expand the production of biobased polymer polyhydroxyalkanoate (PHA). The expansion will quadruple the company’s workforce of 100 employees.
  </p>
</div>


Danimer Scientific

<div>
  <p>
    Origin Materials is a producer of isolated chemicals from carbon found in wood-based feedstock, that serve as building blocks for more advanced applications, such as bio-based plastic bottles. The company uses proprietary technology and the majority of its output consists of two versatile resins, furan chloromethyl furfural (CMF) and hydrothermal carbon (HTC). The feedstock comes from woody biomass (sustainably harvested wood) or other waste materials like agricultural waste, wood waste, and old cardboard, without the use of expensive sugars or fermentation. Its outputs are claimed to be restorable, sustainable, and carbon negative, forming part of the circular loop. 
  </p>
  <p>
    Origin Materials partnered with Nestlé Waters and Danone in 2016 to commercialize plant-based polyethylene terephthalate (PET) plastic using CMF and converting it into para-xylene to develop low-carbon plastic. PepsiCo joined this alliance in 2018. It was reported that the company also received USD 40 million in funding in 2017 via the Nestle/Danone partnership. The company’s HTC product is also being developed for use in several applications including tire filler, carbon black, activated carbon, and agricultural applications. As of H1 2021, the company’s signed offtake agreements and capacity reservations value reached USD 3.5 billion. 
  </p>
  <p>
    
    In February 2021, the company entered into an agreement to merge with Artius Acquisition Inc., a publicly traded special purpose acquisition company (SPAC). Upon completing the transaction, the combined entity remained listed on the Nasdaq under the ticker “ORGN” with an initial equity value of USD 1.8 billion.  The transaction provided USD 925 million in fresh capital to Origin Materials, which consists of Artius’ USD 725 million in cash held in a trust (assuming no redemptions), and private investments of USD 200 million by investors, including Danone SA, Nestlé SA, PepsiCo Inc., and affiliates of Apollo Global Management. 
  </p>
  <p>
    
    As of August 2021, the company reported that it is on track to complete the construction of its Origin 1 plant by the end of 2022 and expects to complete the Origin 2 plant by mid-2025. The company expects to complete the construction of both plants using its existing funds.
  </p>
  <p>
    
    Origin reported a net profit per share of USD 0.93 in Q2 2021 up from the net loss per share of USD 0.03 recorded in Q2 2020.  The company generated an overall positive net income for the quarter mainly due to the positive change in the fair value of its earnout liability (USD 45.5 million). The company is yet to generate revenue. Operating losses for the quarter amounted to USD 6.7 million, up 291.3% year-over-year (YoY) due to increased R&D spend and general and administrative expenses during the period. 
  </p>
</div>


Origin Materials

Developers of alternatives to plastic and other materials used in packaging

<div>
  <p>
    Finnish startup Paptic develops wood-based sustainable packaging material. In 2019, the company introduced its first commercial product, the wood-fiber-based packaging material “Tringa” as an alternative to single-use plastic packaging. The packaging is used in shopping and e-commerce bags, flexible packaging for toys, electronics, hygiene products, and beauty packaging applications such as wash bags, make-up bags, gift wrap, and box linings.
  </p>
  <p>
    In April 2021, the company introduced “Sterna”, a reusable, recyclable, and renewable packaging material for carrier bags and e-commerce mailers as well as flexo, offset, inkjet, silkscreen, and digital printing.
  </p>
  <p>
    In 2016, the company raised EUR 3 million (USD 3.5 million) in funding in the form of support from EU Horizon2020 SME instrument and private investment.
  </p>
</div>


Paptic

<div>
  <p>
    Cruz foam develops a Styrofoam (polystyrene foam) alternative using seafood waste. The chitin biopolymer found in the shells of shrimp, crab, and lobster is the base of the foam material which can be used for packaging and insulation across consumer-packaged goods, electronics, automotive, and shipping applications. As of May 2021, the company was also working with companies such as Ford and PepsiCo to develop sustainable protective packaging.
  </p>
  <p>
    In March 2020, the company raised 1.2 million through a USD 975,000 seed funding round from private investors and a USD 225,000 grant from the National Science Foundation (NSF). The funds were raised to commercialize the company’s then patent-pending packaging solutions. In May 2021, the company received USD 1 million as phase 2 of the NSF grant. The grant was awarded to expand internal production facilities and finalize commercial trials of the foam and foam-blend formulas for primary and secondary packaging of high-value consumer goods.  
  </p>
</div>


Cruz Foam

<div>
  <p>
    UK-based SoluBlue produces seaweed-based food packaging materials.  The company claims its materials can keep food fresh for up to 50% longer by absorbing excess moisture. According to the company, the packaging can keep food (including cheese) fresh and safe for consumption for more than two years.
  </p>
</div>


SoluBlue

<div>
  <p>
    Feltwood is a Spanish startup developing technology to produce packaging material from farming and vegetable waste including anti-impact material (used for fragile goods), insulation (thermal and acoustic), light packaging materials (used for fruits and vegetable packaging), and hard material (used for boards, toys, and furniture). The technology is still in the testing phase and will be distributed under licensed agreements.
  </p>
  <p>
    In August 2020, the company received EUR 391,000 (USD 424,000) from EIT’s (European Institute of Innovation and Technology) food arm. 
  </p>
</div>


Feltwood

<div>
  <p>
    Based in Belgium, Do Eat manufactures edible food packaging from ingredients including cereals and potatoes. Do Eat’s product range includes edible plates, bowls, and trays, all of which are biodegradable and compostable. 
  </p>
</div>


Do Eat

<div>
  <p>
    Based in Denmark, Pond produces 100% bio-resin systems, which are suitable to bind natural fibers such as flax, hemp, pineapple, palm leaves, cotton, banana, and jute. The company’s three products are Pond Bio Fiber, Pond Bio Granulate, and Pond Bio Non-Woven. These products can be applied to plant walls, wind turbines, furniture, buttons, surfboards, and packing solutions with usage across industries such as automotive, aerospace, furniture, and plastic packaging.
  </p>
  <p>
    In May 2018, the company formed a joint venture with private investment company HEARTLAND to expand the research and development of bio-based textiles to replace oil-based materials. 
  </p>
</div>


Pond

<div>
  <p>
    Mango Materials uses its core fermentation technology to produce a naturally occurring biopolymer, polyhydroxyalkanoate (PHA), from waste methane which can be used to replace materials such as plastic and polyester.  PHA is a bio-based biodegradable alternative to polyethylene terephthalate (PET) and polylactic acid (PLA)-based bioplastics, which are not fully biodegradable. The PHA pellets produced by Mango Materials are branded as YOPP and are optimally formulated for textile fibers, film, and rigid goods. The YOPP PHA pallets can also be used as polyester-free materials for shoes, activewear, ropes, and 3D printing. 
  </p>
  <p>
    In April 2020, the company reported to be working with partners in the cosmetics and fashion industries to develop innovative solutions. As of February 2021, the technology was yet to be commercialized.
  </p>
</div>


Mango Materials

<div>
  <p>
    Indonesia’s Evoware offers sustainable packaging solutions through its brands “Evoware” and “Evoworld”. Evoware products include food packaging solutions from seaweed. Other products offered under the brand include a damar resin packaging solution made from fig trees that can hold liquids for personal care products and medical supplies. Evoware’s seaweed products include edible cups (with different flavors and nutrient profiles), sachet packets, food wraps, and straws. According to the company, compared to bioplastics from land crops, seaweed-based packaging has a higher level of sustainability, scalability, and quality. 
  </p>
  <p>
    The Evoworld brand offers alternatives to single-use plastic products that are biodegradable, compostable, and edible. Products under the brand include bags from bio-polymers (cassava or cornstarch), sugarcane-based food containers, paper straws, rice straws (edible straws made from rice and tapioca), and birch and bamboo-based disposable cutlery.
  </p>
  <p>
    As of January 2020, the company had tested edible burger wrappers and begun the commercialization of edible instant noodle seasoning sachets and coffee pouches.
  </p>
</div>


Evoware

<div>
  <p>
    Toronto-based Candy Cutlery creates an alternative to single-use plastic products using cane sugar. Candy Cutlery’s products include edible spoons in different flavors (coffee, vanilla, strawberry, and peppermint). The company also produces candy shot glasses which are used to serve desserts and ice cream across ice-cream chains, general stores, and other hospitality-related businesses. As of March 2020, Candy Cutlery’s customers charged USD 0.80 - 1 per candy spoons. The company also works with customers to develop spoons in custom colors and flavors.
  </p>
</div>


Candy Cutlery

<div>
  <p>
    Pulpex was formed in 2020 as a joint venture between Diageo, a multinational alcoholic beverage producer (Johnnie Walker, Smirnoff, Guinness, etc.), and venture management firm Pilot Lite. The company formed the “Pulpex consortium,” consisting of leading FMCG brands in non-competing categories to introduce Pulpex’s patented paper-based packaging among their products. As of June 2021, Pulpex’s partner brands included Unilever, Pepsico, GSK Consumer Healthcare, and Castrol, with a goal of supplying 750 million paper bottles per year once production commences in 2022.
  </p>
  <p>
    In July 2020, Diageo announced plans to release the world’s first paper-based bottle for spirits the following year for its Johnnie Walker Whiskey. 
  </p>
  <p>
    Also in July 2021, the company entered into a technology partnership with Solenis, a global supplier of specialty chemicals for pulp and paper packaging material, to optimize and scale Pulpex’s recyclable paper-based packaging. Through the partnership, Solenis will provide chemical solutions such as surface treatment to enhance the functional and visual properties of Pulpex’s paper-based packaging products. 
  </p>
  <p>
    In June 2021, Unilever announced plans to develop a paper-based laundry detergent bottle (industry-first) that would be recyclable in paper waste streams. The bottle will be used in Unilever’s “OMO” laundry brand and will debut in Brazil in early 2022 with further plans to roll out the packaging in Europe and beyond including its haircare products.
  </p>
</div>


Pulpex

<div>
  <p>
    Based in Germany, Arekapak is involved in the development of product packaging derived from areca palm. The fallen leaves of the areca palm are collected, washed, sun-dried and then molded to produce natural, untreated packaging solutions. Arekapak is currently in the stage of prototype development. As of 2018, production of Arekapak solutions was carried out in small units in India. 
  </p>
  <p>
  </p>
</div>


Arekapak

<div>
  <p>
    Based in California, Newlight Technologies is a biotechnology company that produces a regenerative sustainable material called AirCarbon, launched in 2013, following 10 years of research. The company’s proprietary technology uses microorganisms to convert air and greenhouse gases into a carbon-negative material. This material, which is an alternative to plastic and leather, is composed of approximately 40% oxygen and 60% carbon from greenhouse gases that would have otherwise become a part of the air. AirCarbon can be melted into different forms including sheets, fibers, and solid shapes. 
  </p>
  <p>
    Companies such as Ikea had expressed interest in purchasing AirCarbon even before it opened its first commercial-scale facility. In 2016, Ikea signed a contract to purchase 50% of the material from Newlight's new plant (expected capacity of around 23,000 metric tonnes per year). The company also licensed its carbon capture technology to Ikea for use in the latter's home furnishing products. The company’s new and first commercial plant, called Eagle 3, went online in 2019. 
  </p>
  <p>
    As of September 2021, AirCarbon has entered the market via two Newlight companies: Covalent Fashion (produces regenerative wallets, handbags, sunglasses, and tech accessories) and Restore Foodware (manufactures AirCarbon cutlery and straws). Some of the businesses that have partnered with Newlight to explore the use of AirCarbon include Shake Shack (which uses AirCarbon utensils across its restaurants in the US), Nike (which uses the carbon-negative material in its line of products), and Sprint (for use in black and pink iPhone cases). The company also partnered with IBM to create a blockchain-based carbon tracking system to allow users to track the carbon footprint of its AirCarbon product.
  </p>
  <p>
    In October 2020, Newlight raised USD 45 million in a Series F funding round completed by Valedor Partners and existing investor, GrayArch Partners. The company earmarked the funding for scaling up AirCarbon production. 
  </p>
</div>


Newlight Technologies

<div>
  <p>
    Checkerspot is a manufacturer of microalgae-based performance materials which are used to produce consumer products, including skis and surfboards. The company modifies microalgae’s genes to derive new molecular building blocks and then bioengineers production of consumer products. Microbes are optimized to biomanufacture unique, natural structural oils that were previously not accessible on a viable, commercial scale. The company’s primary focus is on high-performance polyurethanes and coatings made from bio-based oil via fabrication.
  </p>
  <p>
    The company’s commercialized products include Algal Core (a light-weight urethane-based composite) and Algal Wall (cast urethane), both products are offered under the WNDR Alpine brand while algal oil is sold under the miDori bioWick. In February 2021, WNDR Alpine, Checkerspot’s outdoor brand, received the B Corp Certification, private certification granted to for-profit companies by the B Lab, a global non-profit organization formed to support the movement of using businesses as a force for good.  The company has partnered with Beyond Surface Technologies (BST) to commercialize miDori BioWick, an algal oil used in BST’s wicking textile finish. As of August 2020, the company’s co-development partners also included W.L. Gore and DIC Corporation.
  </p>
  <p>
     Checkerspot closed its Series B funding in August 2020, after raising USD 36 million, led by Viking Global Investors. Funds will enable the commercial development and expansion of the company’s product platform to cater to a wider range of industries.
  </p>
  <p>
  </p>
  <p>
  </p>
</div>


Checkerspot

<div>
  <p>
    UK-based Biohm manufactures bio-based material used in construction from raw materials including mushrooms, orange peel, cocoa husks and other food waste. Biohm claims to have manufactured the world’s first insulation panel from mycelium (mushroom root structure) and a semi-structural construction panel from food waste. 
  </p>
  <p>
    Biohm also produces Orb (organic refused bio-compound), a material manufactured from the recycling of products that are generally considered difficult-to-recycle. Orb is used to create replacements for wood-based sheet material used in the construction sector for dry lining, wainscoting, and interior structures.
  </p>
  <p>
    In July 2020 Biohm announced that it will commence production at its Somerset facility in September 2020 and will initially supply 20 homes a month with plans to gradually increase that figure to 120. The company also plans to open a second site in Newcastle in 2021. In July 2020, the company launched a GBP 1.25 million funding round to develop its biomanufacturing technologies and to scale up research in laboratory-grown building products.
  </p>
</div>


Biohm

Bio-based industrial materials

<div>
  <p>
    Based in California, Zymergen is a listed biotech startup operating a patented microbial genomic engineering platform that allows the company to create materials with the science of synthetic biology. Zymergen claims that its platform could enable it to launch new products in half the time and at one-tenth the cost compared to traditional chemicals and materials companies. As of July 2021, Zymergen had launched only one product, although it had 11 products in its pipeline with applications across the electronics, consumer care, and agriculture industries. 
  </p>
  <p>
    
    Zymergen’s only unveiled product, Hyaline, is a sustainable bio-manufactured optical film aimed at applications in the electronics industry, launched in December 2020. The company expects to take between 6-18 months from launch for prospective customers to evaluate Hyaline's suitability for specific use cases and start placing orders. 
    The company hopes to launch three new products by 2023, mainly used in the consumer care and agriculture industries. The company also hopes to release other new bio-based products, which can be used by the healthcare and packaging sectors in the future. As of April 2021, the company has issued 500 patent and provisional patent applications, of which around 322 are pending. 
  </p>
  <p>
    
    In April 2021, the company was listed on the Nasdaq exchange, raising around USD 459.8 million in an initial public offering (IPO). The IPO proceeds were expected to be used for working capital and to fund the development and commercialization of products in its pipeline. Prior to going public, Zymergen had raised  USD 874.1 million in venture capital funding since 2013 from investors, including SoftBank Vision Fund, Baillie Gifford, and DCVC. 
  </p>
  <p>
    
    As of March 2021, the business had incurred an accumulated net loss of  USD 858.3 million and has yet to generate revenue from the sales of its product. In August 2021, the company announced that though it initially expected to generate revenue during H2 2021, due to delays and technical issues in installing Hyaline with customers, it expects to start generating revenue in 2022. Upon this news release, Zymergen’s share prices took a 76% hit during the day.  
  </p>
</div>


Zymergen

Developers of alternative materials for industrial applications such as sporting goods, electronic components, and automotive parts

<div>
  <p>
    Based in Berlin, Made of Air (MOA) produces sustainable materials to be used as fossil-based thermoplastics replacements using biochar. MOA converts wood waste into biochar using carbon sequestration The wood waste that undergoes this process locks up carbon permanently in the wood to result in a hardened carbon-negative thermoplastic compound.  As of October 2021, the company reported having shipped more than 10 tons of its bio-based materials to over four different customers. 
  </p>
  <p>
    The company claims its bio-based plastic materials are of high durability compared to most other bio-based plastic that is produced for one time use in consumer produced goods. The company targets industries such as automotive, textile, furniture, and construction that require materials with a longer lifespan (around 10-30 years). MOA has partnered with leading brands such as Audi, H&M, and BMW to commercialize its technology as of September 2021; the company reports it is working on securing more partnerships with global brands. 
  </p>
  <p>
    MOA states that the price of its materials differs based on the use-case, but reports that the materials are relatively high priced due to smaller-scale operation, and the price stands between the prices of fossil-based plastic and traditional bioplastic. As the company scales, MOA expects to reach price parity with fossil-based plastic. 
    In October 2021, the company raised EUR 5 million (USD 5.8 million) in a seed funding round led by TD Veen. The company plans to use the funds to expand its production capacity, expecting to bring a new factory online, while scaling its R&D and production team. The company also plans to make its biomass-based thermoplastic material fire resistant and potentially replace other non-structural materials used in building and construction.
  </p>
</div>


Made of Air

<div>
  <p>
    Rens manufactures climate neutral sneakers that are 100% vegan and made from recycled coffee grounds and plastic. The Finnish company has also teamed up with Climate Partner to ensure all carbon emission standards are met.  Ren launched its “Original” line of sneakers in 2019, and as of July 2021 had recycled more than 250,000 plastic bottles and 750,000 cups of used coffee. The company’s shoes can be bought via its ecommerce platform and, as of June 2021, in more than 100 countries globally with a focus on the US, Finland, Germany, and the UK–where the company sells directly to consumers. In countries like Japan, Latin America and Singapore, the company is also looking to partner with wholesalers to expand its distribution.  
  </p>
  <p>
    
    Rens began prototyping its new sustainable sneaker, “Nomad,”in August 2020, and unveiled the sneaker in nine colors in August 2021. Each pair of Nomad sneakers is made from 21 cups of recycled coffee grounds and six recycled plastic bottles. The sneaker is expected to go into production by September 2021, with deliveries to begin by December 2021. 
  </p>
  <p>
    
    In August 2021, the company also announced that it is expecting to raise USD 1 million via the crowdfunding platform Kickstarter. The company initially raised USD 500,000 via a Kickstarter campaign in 2019 to fund the manufacturing of its “Original” version of sustainable sneaker. If this new crowdfunding campaign is successful, it would be considered the most-funded Kickstarter campaign in Finland to date. The company expects to use the funds to scale manufacturing and accelerate the commercialization of its Nomad sneaker.  Rens is also providing the Kickstarter backers the option to preorder the Nomad shoe at a 40% discount to the retail price, setting a super early bird price for the first eight hours of the campaign at USD 89 a pair. 
  </p>
</div>


Rens

<div>
  <p>
    NoMy is a Norwegian startup that researches and develops sustainable material and food solutions using mycelium. The fungal biology company expects to generate alternatives to plastic, bio-composites, novel meat solutions, and alternative protein sources. The company expects to operate a B2B business model to commercialize its product offerings.
  </p>
  <p>
    
    In March 2021, NoMy partnered with The Life Science Cluster (a network connecting people, companies and resources in Norway’s life science sector) to expand their reach, and further, to obtain necessary aid in financing, strategic development, regulations, and policies. 
  </p>
  <p>
    
    NoMy raised an undisclosed amount in a seed funding round with participation from investors We Are Human, TRK, StartupLab Founders, and Firda in August 2021. The funds are expected to support NoMy’s ongoing research and development initiatives on ‘future green materials’, which includes alternatives to plastics and sustainably produced materials, alongside novel foods and alternative protein solutions produced via mycelium. 
  </p>
</div>


NoMy

<div>
  <p>
    Infinited Fiber Company develops a technology to convert cellulose-based raw materials such as used cotton-rich textiles, cardboard, rice, and wheat straw into “Infinna”, a premium cotton-like textile fiber. The textile can be used in clothing and upholstery and the company has partnered with brands such as H&M, Patagonia, PVH, Adidas, and Bestseller for the use of Infinna. The company has also partnered with manufacturers of non-woven goods, such as Suominen, to use Infinna in products such as diapers and wet wipes.
  </p>
  <p>
     As of April 2021, the company operated pilot plants in the cities Espoo and Valkeakoski in Finland and had a capacity to produce 150 metric tons per year. Also in April, the company announced plans to build its EUR 220 million (USD 265 million) flagship factory in Finland. The new factory will produce its “Infinna” textile fiber using household textile waste as feedstock and will have a production capacity of 30,000 metric tons per year. The factory is expected to be operational in 2024.
  </p>
  <p>
     In July 2021, Infinited Fiber raised EUR 30 million (USD 36 million) with H&M as lead investor. The funds were intended to expedite the launch of its flagship factory and to increase production at its existing pilot factories
  </p>
</div>


Infinited Fiber Company

<div>
  <p>
    Circ Technology, known as Tyton Biosciences until November 2020, recycles old clothing to produce plant-based fabrics and petroleum, using hydrothermal processing. The company’s technology platform is a closed-loop certified manufacturing system and is capable of recycling a variety of materials such as cotton, polyester, and polycotton. In August 2019, Japanese clothing manufacturer Marubeni invested USD 9.4 million, to be used towards commercialization of recycled fibers. In August 2019, Circ Technology stated that it was targeting commercial production to commence in 2020.   
  </p>
</div>


Circ

<div>
  <p>
    Based in France, Veja produces sneakers using recycled polyester fabrics, wild rubber, and organic cotton. To date, the brand has sold 3.5 million pairs of rubber-soled sneakers and has developed a reputation, being championed by celebrities such as Meghan Markle and Emma Watson. The company has grown organically with EUR 14,000 (USD 16,900) of self-funding and a further EUR 15,000 (USD 18,150) from a bank loan. The company’s revenue was reported to be at EUR 60 million (USD 72.6 million) in 2019, up from EUR 12 million (USD 14.5 million) in 2016.
  </p>
  <p>
    Veja’s shoes are made using three materials: wild rubber, B-mesh, made from recycled bottles, and agro-ecological cotton. Veja has 11 styles of shoes in its portfolio, and is looking to venture into the performance footwear market as well, having focused on the fashion sneaker segment thus far. In September 2019, Veja launched the company’s first sustainable running shoe. The company sells its shoes online through its Veja Store and also via retailers such as Reformation. In April 2021, Veja released a sneaker as its fourth collaboration with the American fashion designer Rick Owen. The top of the sneaker contains 100% recycled polyester, while the midsole comprises 57% sugar cane, 5% banana oil, 30% Amazonian rubber, and 31% rice waste.
  </p>
  <p>
  </p>
</div>


Veja

Recycled textile materials

Recyclers of used clothing, plastic waste, and food waste for materials for use in textile and apparel applications

<div>
  <p>
    Based in India, PHOOL.CO (also known as Kanpur FlowerCycling Pvt. Ltd.) has developed a leather material named “Fleather,” made from recycled flower petals collected from flower waste at temples in India. The company claims to collect 8.4 tons of flower waste daily from temples to be used as raw material for the leather. The technology for producing bioleather material involves the cultivation of microorganisms on flower petals. The breathable fabric can be produced in various tensile strengths.
  </p>
  <p>
    After two years of development, the material was in the final phase of research and development (R&D) as of September 2020, with plans to commercialize the material soon. As of October 2020, the company produced 1,200 sq. ft. of Fleather per day, where 4 sq. ft. of Fleather is produced using 400 grams of flower. PHOOL.CO claims that luxury brands in Europe have shown interest in Fleather, and the material can be used across products, including bags, jackets, upholstery, and other decorative items.
  </p>
  <p>
    In addition to Fleather, the company also produces a packaging solution named Florafoam to replace styrofoam. The material is said to be biodegradable, fire-resistant, and customizable in terms of shape, size, and strength.
  </p>
  <p>
    In August 2020, the company raised USD 1.4 million in pre-Series A funding led by IAN Fund and the San Francisco-based Draper Richards Kaplan Foundation.
  </p>
</div>


Phool.co

<div>
  <p>
    Based in Canada, ALT TEX has developed a bio-polymer technology that converts the sugar extracted from food waste, into a polyester-like fabric. The technology uses a chemical process for the fermentation of food waste in order to create a plastic alternative (bioplastic fiber), which is then used as a building block for ALT TEX’s sustainable polyester material. The food waste used to create the bioplastic polymer includes fruit, vegetables and wheat which is unfit for human or animal consumption. The material which is still under the development phase is planned to be launched for sustainable fashion brands in 2022, and the company claims that they already have pilot agreements secured for the launch.
  </p>
  <p>
    The company claims that a t-shirt created from its sustainable polyester can remove up to 1kg of waste from landfills, save up to 9kg of carbon emissions from the atmosphere, and save upto 4kg of micro-plastic pollution.
  </p>
  <p>
     In May 2021, ALT TEX raised CAD 1.5 million (USD 1.2 million) in a pre-seed funding round led by Amplify Capital and Garage Capital. The company intends to use the funding towards scaling up its bioplastic fiber production, expanding the team (to 6 staff from the existing 3 staff) and expanding R&D to launch the product in 2022.
  </p>
</div>


ALT TEX

<div>
  <p>
    Mi Terro converts milk waste into sustainable yarn, using a self-developed technology known as Pro-Act that extracts casein protein molecules from milk. The protein is purified and undergoes a dynamic flow shear spinning process, converting the casein to sustainable fiber. The resulting yarn is claimed to be three times softer than cotton and has applications in textiles, food packaging, bedding, personal care, and medical sectors. Mi Terro has also developed a limited-release ocean-waste duffle bag. The company has partnered with Nike, Danone, Toyoshima, DFA, Mitsubishi, Lair East Labs, Dole, Budweiser, and Harada.
  </p>
  <p>
    The company completed two rounds of funding in 2020, raising USD 100,000 in January 2020 and USD 50,000 in March 2020. In January 2021, the company also won the Meda Million Dollar Challenge and received a USD 300,000 prize.
  </p>
</div>


Mi Terro

<div>
  <p>
    Fair Harbor converts plastic waste from the ocean into functional swimwear. The company’s standard men’s swim shorts contain 88% recycled plastic, with each item of men’s and women’s swimwear made using an average of 11 recycled plastic bottles. Fair Harbor has designed five swim fabrics and uses digital printing for patterning. The company started out initially in 2014, using a USD 20,000 grant received via a competition, and since then has relied on family and friends for funding. As of June 2020, Fair Harbor had recycled over 2.5 million plastic bottles and remains on track to recycle three million bottles in 2021. 
  </p>
  <p>
    The company does not have its own factory and outsources production to China. With the cofounders both belonging to the millennial and Gen Z groups, Fair Harbor has relied heavily on social media marketing to engage with customers and promote their products. With a warehouse operation out of the founder’s home basement, Fair Harbor claims to have capacity to send out up to 500 orders per day. In April 2019, actress Bonnie Wright launched a line of eco-swimwear, developed by Fair Harbor. Prior to the Covid-19 pandemic, the founders reported that the company had been extremely successful thus far, with average revenue up 1,000% year-over-year(YoY). This trend was maintained during 2020, with June 2020 revenue reportedly up 1,200% YoY. Fair Harbor soft-launched a kids swim-wear line in October 2020.
  </p>
  <p>
  </p>
</div>


Fair Harbor

<div>
  <p>
    Thousand Fell manufactures recyclable sneakers, with its core product made using 12 main biodegradable or recyclable ingredients including castor bean, aloe vera, natural and recycled rubber, coconut husk, sugar cane, and recycled water bottles. Thousand Fell operates a closed-loop system in partnership with UPS and TerraCycle, a recycling platform, which allows customers to return their used sneakers for recycling. The company expects 3,000 pairs per quarter to be recycled by 2021, with capacity to scale this up to 6,000 pairs. In November 2020, Thousand Fell also announced the creation of the first 100% recyclable shoe.
  </p>
  <p>
  </p>
</div>


Thousand Fell

<div>
  <p>
    Veerah is a luxury shoe manufacturer that converts waste materials such as apple peel and recycled polyethylene terephthalate (PET) bottles for shoe exteriors and algae to produce insoles. The waste materials are ground into fine powder and treated using non-toxic, organic substances to produce vegan leathers, textiles, and foams as inputs.
  </p>
  <p>
  </p>
</div>


Veerah

<div>
  <p>
    Loop Industries recycles hard-to-recycle PET plastics (colored and opaque plastic) and polyester fiber (from carpets and clothing) into virgin quality recycled polyethylene terephthalate (rPET) resin and recycled polyester fiber. Loop Industries has partnered with beauty brands such as L’oreal and L’occitane, and food and beverage brands such as PepsiCo, Coca-Cola, and Danone.
  </p>
  <p>
    The Canadian company has also entered into various manufacturing partnerships to develop facilities globally. In September 2018, the company entered into a joint venture with Indorama Ventures to combine Loop’s depolymerization technology with Indorama’s existing PET plant in South Carolina and to produce 40,000 metric tons of sustainable PET resin per year. In September 2020, Loop Industries partnered with SUEZ, a plastic recycling company, to build the first Infinite LoopTM enhanced PET recycling facility in Europe. The facility will have the capacity to produce the equivalent of up to 4.2 billion food-grade beverage bottles annually.
  </p>
  <p>
    In June 2021, Loop Industries partnered with SK Global Chemical (SKGC), a manufacturer of automotive & packaging solutions, to form a joint venture to develop rPET recycling facilities across Asia. The companies plan to construct the first facility in South Korea in 2022 followed by four more Asian facilities by 2030. Under the agreement, Loop will own 49% of the JV and receive a recurring licensing fee as a percentage of revenue from each facility. 
  </p>
  <p>
    In Q3 2021, Loop Industries announced plans to convert its pilot facility in Quebec to an “Infinite LoopTM” (infinitely recyclable plastic production technology) demonstration and training facility to support the company’s commissioning of commercial plants. This is expected to be completed in 2021 and operational in 2022. The company also has partnered with INVISTA/Chemtex to manufacture limited quantities of PET resin at the facility to supply to select customers within the demonstration facility.
  </p>
  <p>
    Loop Industries trades on the NASDAQ under the ticker “LOOP.”
  </p>
</div>


Loop Industries

<div>
  <p>
    Based in the UK, Recycling Technologies recycles mixed plastic waste into chemical feedstock on a mass scale, using a patented modular technology and advanced thermal cracking. The company’s proprietary RT7,000 machine produces Plaxx, a liquid hydrocarbon feedstock that can be used to manufacture new virgin plastic. Their technology is also compatible with existing  waste sites. The company launched a 25,000 sq ft commercial production facility for the RT7,000 in November 2018 in Swindon, with a capacity of producing 200 machines per year.  Recycling Technologies aims to triple Europe’s new waste plastic recycling capacity to 10 million tons by 2027. 
  </p>
  <p>
    In April 2020, Recycling Technologies received investments totalling USD 11.4 million through two strategic partnerships with Neste Oyj, a Finnish oil processing and marketing firm, and Althelia Sustainable Ocean Fund, a vehicle managed by impact investment firm Mirova, each contributing 50% of the investment value. In August 2020, Recycling Technologies and German-based styrenics supplier Ineos Styrolution Group, entered into an agreement to jointly develop and advance polystyrene (PS) recycling in Europe. In October 2020, Recycling Technologies partnered with Finland-based Neste Corp, a renewable fuel provider, and London-based consumer goods producer, Unilever, to collaborate on further developing and harnessing chemical recycling. The project, which secured a GBP 3.1 million (USD 4.3 million) grant from UK Research and Innovation, aims to recover and reuse plastic packaging that is either currently burned in landfills, incinerated or exported out of the UK.
  </p>
  <p>
  </p>
</div>


Recycling Technologies

<div>
  <p>
    Germany-based Bio-lutions produces sustainable packaging and disposable tableware from agricultural residue. The company’s primary manufacturing facility, located in India, sources raw materials such as sugarcane leaves, pineapple leaves, tomato leaves, and banana stems from local planters. The company’s patented process converts agricultural waste into micro and nano fibrillated natural fibers only with the use of water. Bio-lution’s products include sustainable packaging (to pack fruits, vegetables, and electronics), disposable plates and bowls, trays for surgical equipment, and bio-plastic foil for materials that require a waterproof surface.
  </p>
  <p>
    In October 2020, Bio-lutions launched its second manufacturing facility in Schwedt, Germany, which is expected to employ over 200 staff and produce 1.5 billion units annually, once operational (mid-2021).
  </p>
  <p>
     In February 2021, the company raised EUR 2.7 million (USD 3.3 million) in a preliminary Series B funding round led by Delivery Hero SE and other existing investors. This is expected to be followed by another Series B round during the latter part of 2021. The funding will be directed at expanding the capacity of the manufacturing facility in Schwedt.
  </p>
</div>


Bio-lutions

<div>
  <p>
    Formerly known as Biocellection, Novoloop converts plastic waste into a polyester-based thermoplastic Polyurethane (TPU) using its patented Accelerated Thermal Oxidative Decomposition (ATOD) technology. The company’s raw materials include bags, shipping packaging, pallet wrap, bubble wrap, food packaging, produce bags, and more, with Biocellection accepting low-grade raw materials that are non-recyclable. The company’s first performance material using the ATOD platform is a polyester-based Thermoplastic Polyurethane (TPU) named XIRC, which was launched in February 2021. The resulting biomaterial contains up to 50% post-consumer polyethylene and can be used in a variety of applications such as footwear, apparel, labels, adhesives, automotive, and additive manufacturing. As of February 2021, Novoloop was working with an undisclosed commercial partner to bring the product to market over 2021 - 2022.
  </p>
  <p>
    In July 2020, Novoloop raised USD 2.9 million in funding, via a convertible note, from SOSV and Mistletoe, a Japanese startup hub providing learning and investment opportunities.
  </p>
  <p>
  </p>
</div>


Novoloop

<div>
  <p>
    Ecologic Brands produces paper bottles and paper-based packaging solutions from recycled materials. Ecologic Brand’s paper bottles are designed for liquid packaging (ECO.BOTTLE), which consists of a cardboard outer layer from recycled cardboard and newspapers and an inner lining made from recycled plastic. The company has partnered with companies such as the cosmetics brand L’Oréal and laundry brand Seventh Generation to develop sustainable packaging.
  </p>
  <p>
     Ecologic Brands was acquired by Jabil Inc, a manufacturing services company, in January 2021. In March 2021, Jabil announced a USD 25 million investment in paper bottle technology with part of the funds earmarked to expand production in Ecologic’s Manteca facility.
  </p>
</div>


Ecologic Brands

<div>
  <p>
    Mexico-based, Eco Six Pack Ring creates 100% compostable and biodegradable six-pack rings mainly to be used in beer packaging, which heavily depends on single-use plastics. The company’s six pack ring is made of natural fibers derived from byproducts of the food and beverage and agriculture industries. The Eco Six Pack Ring was launched through a partnership with Florida-based SaltWater Brewery in January 2018, and has since been adopted by beer brands such as Corona, Molson Coors and Heineken and breweries including Nu Brewery, Redemption Rock Brewing Co. and Altruist Brewing. As of April 2021, the product was used by over 300 beverage producers in 25 countries including Australia, South Africa, Scotland, Poland, and the Solomon Islands.
  </p>
</div>


Eco Six Pack Ring

Recycled packaging materials

<div>
  <p>
    PureCycle Technologies produces recycled polypropylene and resins, using a patented recycling process that separates color, odor, and contaminants from plastic waste feedstock, and then recycles the feedstock into ultra-pure recycled polypropylene (UPRP). The process was developed by Proctor & Gamble and is being licensed by PureCycle Technologies, which has been commercializing the technology since its inception. PureCycle has entered into partnerships with a variety of companies, including Nestle, in March 2019 and L’Oréal in July 2019, for the supply of its UPRP.
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    In October 2020, PureCycle Technologies raised USD 250 million in financing through a bond sale, and a further USD 15 million in an unnamed venture round. These funds are being used to construct its first commercial scale plant in Ohio. The facility will commence operations in Q4 2022 and is expected to reach full capacity of 107 million pounds of UPRP annually by 2023. The company’s second plant will be located in Augusta, Georgia, and is expected to have five processing lines by Q4 2024 with a total annual capacity of 650 million pounds.
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    The company also plans to establish a third plant in Europe which is expected to go operational by Q2 2025 with one processing line and an annual capacity of 130 million pounds, along with plans for a fourth plant at an undecided location as of as August 2021, and is expected to have three processing lines by Q4 2024 and an annual line capacity of 390 million pounds. Pre-engineering for these cluster lines has already commenced, with the three development projects expected to bring 1.2 billion lbs of UPRP to the market within the next five years.
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    PureCycle Technologies also partnered with Mitsui & Co. Ltd, to set up an ultra-pure recycled polypropylene production plant in Japan in September 2021. The partnership is expected to strengthen PureCycle’s position in Japan and expand its presence across Asia Pacific.
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    In November 2020, Roth CH Acquisition I Co. and PureCycle Technologies announced a definitive merger agreement for a business combination set to close in Q1 2021. Upon completion, Pure Cycle Technologies was listed on the Nasdaq Capital Market as Pure Cycle Technologies Inc. The combined entity was estimated to have a post-transaction equity valuation of USD 1.2 billion and the company has set a growth target to reach USD 800 million in revenue and 50% earnings before interest, taxes, depreciation, and amortization (EBITDA) margin by 2024.
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    During Q2 2021, the company reported a net loss per share of USD 0.13, lower than the net loss per share in Q2 2020 (USD 0.19), with operating losses for the quarter amounting to USD 9.9 million, up 247.2% year-over-year, driven by increased R&D, selling and administrative expenses. The company expects to generate revenue upon the completion of its Ohio plant.
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PureCycle Technologies

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    France-based Carbios has developed a technology to recycle Polyethylene terephthalate (PET) plastics and polyester fibers using an enzymatic process (supercharging a natural enzyme found in compost heaps which breaks down leaf membranes). The process can break down all kinds of PET plastics regardless of color and complexity and create recycled alternatives to virgin PET that can be used across various packaging solutions. Carbios has plans to commission a demonstration plant in September 2021 in France prior to launching a 40,000 tons per year manufacturing facility for enzymatic plastics in 2025. By 2020, Carbios had secured 38 patent families globally, 18 of them for its recycling process and PET-degrading enzymes.
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     In 2017, L’oreal formed a consortium with Carbios and global brands including Nestlé Waters, PepsiCo, and Suntory Beverage & Food, to promote the development and commercialization of Carbios’ patented recycling technology. In 2019, L’oreal invested in a minority stake of Carbios through its venture capital fund BOLD (Business Opportunities for L’Oréal Development.). In April 2021, Carbios partnered with the tire maker Michelin to use Carbios’ enzymatic process to create high tenacity tire fiber. The company also partnered with an undisclosed PET producer to establish a Carbios PET recycling plant on one of the PET producer’s production sites. In April 2021, the company announced that it had produced the first clear plastic bottles by enzymatically recycled textile waste.
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     In July 2021, Carbios, along with the consortium of aforementioned global brands, introduced the world’s first food-grade (PET) plastic bottles made from enzymatically recycled plastic. 
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Carbios

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    Agilyx transforms non-recyclable plastic waste into premium refinery crude oil feedstock. The company uses a pyrolysis process and the treatment involves multiple product pathways, which can be customized to customers’ specifications as required. Agilyx’s feedstock range includes discrete polymers and mixed plastics, while the custom range includes aromatics, isoparaffins, olefins, paraffins, waxes, and carbon solids. Agilyx collaborates with waste service providers, refiners,and municipalities, as well as public and private enterprises for the development of closed-loop solutions. Agilyx established a closed-loop commercial-scale polystyrene-to-styrene oil recycling facility in Oregon in April 2018. The plant will have a recycling capacity of 10 tons per day and will be used by AmSty and INEOS Styrolution for the processing and manufacturing of consumer goods. 
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    The company has entered into partnerships with Styrenics Circular Solutions, a joint initiative by leading Styrenics manufacturers to improve the circularity of styrenic polymers; Braskem, the largest polyolefins producer, and NextChem, a subsidiary of Maire Tecnimont Group involved in energy transition technologies. The collaboration with Styrenics will help advance its polystyrene chemical recycling in Europe while the partnership with Braskem will explore the development of advanced plastic recycling in North America. The first phase of the partnership with NextChem will focus on developing several chemical recycling projects for third parties, starting with two projects in Europe and South America. 
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    Agilyx also formed a joint venture in February 2021, named Cyclyx International, with the oil and gas giant, ExxonMobil, to develop solutions to aggregate and pre-process waste plastic prior to being used as raw material for recycling. Agilyx—with its 75% stake in Cyclyx—will benefit through a royalty payment for the feedstock that flows through Cyclyx. Cyclyx plans to develop systems that can collect and sort 300,000 tons of plastic waste per year by 2025 and process 3 million tons of plastic waste per year globally by 2030.
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    Agilyx raised NOK 300 million (around USD 36 million) growth financing in January 2020, while also announcing the establishment of an office in Oslo, Norway to support its expansion within Europe.
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Agilyx

Recyclers of virgin plastic and plant-based waste to create sustainable plastic and non-plastic alternatives for packaging and single-use plastic applications

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    Based in Italy, EggPlant produces high performance bioplastics using wastewater. The company produces polyhydroxybutyrate (PHB) bioplastics, a bio derived and biodegradable plastic that can be used across various applications and industries, including electronics, cosmetics, biomed, aerospace, consumer, agriculture, and packaging sectors. EggPlant uses a two phase process: the first phase is a filtering technology, followed by bacterial fermentation. The filtering technology segregates all waste chemical components, some of which are used to feed bacteria able to produce the the polyhydroxyalkanoate (PHA) biopolymer as an energy reserve. 
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EggPlant

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    Lean Orb converts renewable and recycled fibers into compostable, disposable foodservice packaging and tableware products. Inputs include agricultural byproducts of wheat straw, sugarcane, palm leaf, bamboo, and birch wood productions. Through its recycling process, Lean Orb manufactures products such as plates, tubs, straws, trays, cups, cutlery, and other catering supplies. The company offers its solutions to restaurants, hotels, corporate headquarters, music festivals, schools, and other venues. In October 2020, Lean Orb won the HI-HERImpact Miami Pitch Competition and received USD 25,000 funding.
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  <p>
    In August 2019, the company partnered with Miami Beach’s Chamber of Commerce to create sustainable alternatives for single-use tableware and catering supplies. As of the same date, Lean Orb had also partnered with the Four Seasons, The W Hotel, Cambridge Innovation Center, and other restaurant groups to help them phase out single-use plastics.
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Lean Orb

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    Gen3Bio uses its patented enzyme technology to convert algae used to purify municipal wastewater into specialty bio-based chemicals like biofuels or bioplastics. The technology takes out the sugars, proteins, and fats from the algae and then converts it into specialty chemicals. The extracted nutrients such as the proteins and lipids, are repurposed as agricultural fish food. The company raised USD 40,000 in a pre-seed funding round in the spring of 2020, which was planned to be used to demonstrate its technology at a wastewater treatment facility in Wisconsin. In May 2020, it was reported that recent successes will allow for the scaling of the company’s pilot program in preparation for full-scale commercialization.
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Gen3Bio

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    No Waste Technology has developed a proprietary process to fully recycle coated and laminated paper through a joint venture between US-based Advanced Flexible Composites and Italy-based Policarta. No Waste Technology's proprietary technological process is used during the coating or laminating process of the paper substrate, allowing the paper substrate to be recycled. The recycled papers are biodegradable and compostable. No Waste Technology’s products have a range of applications in the food and beverage and food service industries.
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No Waste Technology

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    ECOR converts waste into structural composite panels that have a host of applications such as wide-format printing, architectural interiors, furniture, and fixtures. ECOR’s product range includes basic ECOR panels, graphic display boards, decorative surfaces and walls, as well as specialty and circular panels. Inputs include Old Corrugated Cardboard (OCC), Old News Print (ONP), office waste, forest waste, and agricultural fiber. In October 2019, ECOR announced a partnership with Royal DSM, a global health and sustainable living company, to work with furniture manufacturers for innovation and scaling the use of their circular panels. 
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ECOR

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    Renewed Materials produces recycled surfaces (such as table tops) from collected waste via the company’s three product lines ALKEMI–polyester, ALKEMI–acrylic, and ALKEMI–copper. The inputs for the recycling process include pre-consumer waste flake aluminium and copper, solid surface scrap, and recycled acrylic, which are turned into aesthetic countertops and surfaces. As of December 2020, Renewed Materials’s clients include Whole Foods, the Fairmont Hotel, the University of Michigan, and Prescott Library.
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Renewed Materials

Other recycled materials

Recyclers of waste into materials for applications including household goods, furnishing, and construction

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    MolyWorks recycles metal waste into metal powders that can be used for 3D printing. This technology, known as Greyhound, produces an end-of-life solution for all metal products through the circular loop. As of November 2020, MolyWorks is reported to be serving over 20  commercial customers ( 10 domestic and 11 international) and having contracts with four United States Government agencies.
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  <p>
    Further, MolyWorks was in the second stage of a large pilot project to remotely make powder from scrap metal as of November 2020. Since 2016, MolyWorks has tested over 110 unique atomization configurations, seeing yields improve from 28% to 92%. The company has also reported to have improved its production rates from around 10 lbs per hour to 85 lbs per hour, as reported in March 2020. 
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MolyWorks

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  <p>
    NecoTECH produces necoPlastics, a 100% recycled aggregate made of mixed plastics, which is used in the construction materials market as a replacement material in concrete products. NecoPlastics is used in the Hot Mix Asphalt (HMA) process, with the company’s Hot Patch On Demand (HOTPOD), a system used to heat HMA material, a quick-ready material used in patch repairs of concrete and asphalt pavements. In May 2020, NecoTECH announced the receipt of a USD 100,000 research grant from the United States Air Force for the development of a patching system to be used in aviation applications. In mid-2020, NecoTech received a USD 100,000 grant from the Carpet American Recovery Effort, to support its efforts in developing formulations for incorporating waste carpet remnants into the NecoPave mix.
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NecoTECH

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    Husk-to-Home creates siding material for use in building construction. This startup venture was established by a team of undergraduates and alumni from the University of California, Riverside, looking to find alternatives to coconut wood, plywood, and bamboo for use as building materials. The company uses waste products such as thermoplastics, rice husks, and rice straw to create a wood alternative. As of December 2020, Husk-to-Home was in the process of analyzing and testing product quality, and aims to commercialize the material for use as siding.
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