Newlight Technologies, a biotechnology company that produces a proprietary bio-based and biodegradable material, called AirCarbon, has raised USD 125 million in an equity investment round led by GenZero. Other participants include Oxy Low Carbon Ventures (OLCV), Charter Next Generation (CNG), and a luxury goods manufacturer.

The funding will be used to expand Newlight's AirCarbon manufacturing platform and support the development of specialty films decarbonized with AirCarbon.

Newlight has also signed development agreements with CNG for commercializing specialty films made with decarbonized AirCarbon and OLCV for using direct air capture systems to produce carbon dioxide feedstock for AirCarbon production plants.

Analyst QuickTake: While delivering its AirCarbon-based products and materials to more than 5,000 locations globally, Newlight is continuing to secure product development partnerships with key established players to further expand its presence. The company counts players such as Ikea, Nike , and Sprint within their list of partners.