UBQ Materials, an Israeli company that develops bio-based thermoplastic materials, has raised USD 70 million in funding led by Eden Global Partners, with participation from TPG Rise Climate, TPG's Rise Fund, Battery Ventures, and M&G's Catalyst strategy.

UBQ Materials intends to use the funds to expand its commercial, sales, and marketing efforts.

The company also reported that it is building additional facilities in Europe and North America and is set to open an industrial-scale facility in the Netherlands. The facility will have an annual production capacity of 80,000 tons of UBQ, converting 104,600 metric tons of waste annually into a new raw material. 

Analyst QuickTake: With this round, UBQ Materials has raised a total funding of USD 240.1 million and has been working on expanding its capacity and partnerships to commercialize its solution. Earlier this month, the company also partnered with Arcos Dorados to supply UBQ for building components, having partnered with companies such as PepsiCo , Polymertal , Teknor Apex , AmBev , and Polyram Group to expand the use of UBQ.