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Funding
Paramount Planet Product raises USD 1 million in federal grant funding to support commercialization
Bio-based Materials
Jun 21, 2024
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Bio-based Materials

Bio-based Materials

Jun 21, 2024

Paramount Planet Product raises USD 1 million in federal grant funding to support commercialization

Funding

  • Paramount Planet Product, a startup that develops bio-based ocean-friendly packaging, has secured USD 1 million in funding through a federal grant from the National Science Foundation. This is in addition to the initial USD 225,000 grant that was previously awarded.

  • The grant will allow the company to boost its manufacturing capacity and prepare for a commercial launch. The startup plans to commence pilot plant production in Maine and hopes to achieve full commercialization by 2026.

  • Founded in 2017, Paramount Planet Product aims to replace plastic items like butter dishes and condiment cups with its safe-for-marine-life materials by producing plant-based, compostable packaging. The company has developed a material named "plaaper," which is similar to plastic but compostable, posing less harm to the ocean and its inhabitants.

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