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October 08, 2020 12:29 PM

Newlight reels in $45M in series F financing

Sustainable Plastics
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    08-this-biotech-company-turns-greenhouse-gases-into.jpg
    Newlight Technologies

    Newlight's Restore product line includes biodegradable cutlery made from PHB

    Valedor Partners, LLC, a Houston-based private equity and merchant banking firm, announced its completion of Newlight Technologies, Inc.'s Series F financing round. Valedor joined existing Newlight investors, GrayArch Partners, in completing the round.

    Newlight, which is based in Huntington Beach, Calif., has developed and produces a biodegradable biopolymer that is highly suitable for, among other things, single-use applications.

    Called PHB, it is accumulated internally as a carbon and energy storage compound by bacteria, who use the greenhouse gas methane as the carbon source. As methane is the feedstock, the process can be scaled commercially with no food supply conflicts.

    Valedor’s investment is a timely one with, on the one hand, rising demand for single-use plastic on the rise, driven by the world's need for products that promote hygiene and convenience, and on the other hand, the increasing pressure to identify cost-effective and scalable solutions to staunch the influx of waste plastics polluting the world's oceans.  

    Newlight, whose technology is supported by more than a decade of research and development as well as an extensive patent portfolio, is now poised to deliver scalable solutions to address the mounting problems caused by end-of-life plastic disposal issues.

    "Valedor is excited to support Newlight in its efforts to rapidly scale supply of a natural, cost-effective, biodegradable replacement for plastic," said Shawn Patterson, Managing Partner - Private Equity. 

    The company also recently announced the commissioning of a new commercial-scale production facility in California called Eagle 3.

    At the same time, the company launched  two new branded product lines, including a line of high-performance biodegradable cutlery and drinking straws for the foodservice industry.  

    Newlight CEO Mark Herrema said the company welcomes Valedor as a scaling partner. “We are eager to grow our production capacity throughout the U.S. and Valedor is an ideal partner for us to help do that."

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