Climate tech startup UBQ materials announced that it has raised $70 million to scale up and drive the global expansion of its advanced materials made from waste.
Founded in 2012, Tel Aviv, Israel-based UBQ Materials converts household waste, including organics and hard-to-recycle materials, into UBQ, a sustainable substitute for fossil-based plastics. According to the company, the advanced thermoplastic material is highly recyclable, and every kilogram of the material diverts 1.3 kilograms of waste from landfills and incinerators, and prevents up to 11.7 kg of CO2eq emissions.
According to UBQ, the new investment will support its commercial, sales, and marketing scale up, including additional facilities in Europe and North America, in addition to the upcoming of its industrial-scale facility in the Netherlands, which is anticipated to have annual production capacity of 80,000 tons of UBQ.
The company is also investing in R&D, developing new product lines to serve sectors including building and construction, consumer durables, automotive, and logistics and supply chain industries.
Albert Douer, Co-CEO and Chairman of UBQ Materials, said:
“UBQ as a sustainable material option can have a huge impact – but only with mass adoption. This means building UBQ facilities on a world-scale, which requires significant expansion and funding.”
The financing round was led by Eden Global Partners, and included participation from returning investors including TPG Rise Climate, TPG’s Rise Fund, Battery Ventures, and M&G’s Catalyst strategy. TPG Rise led a prior $170 million funding round for UBQ in 2021.
David Dwek, Chief Executive Officer of Eden Global Partners, said:
“We have long admired what the team at UBQ has built and are firm believers in the potential of the company’s groundbreaking waste conversion technology. At Eden, we partner with visionary companies working to shape a better future for their industries and our world, and UBQ is a pioneer in its space with the power to redefine global sustainability at scale.”
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