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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