Newlight Technologies, a biotech company that will use microorganisms to produce biodegradable clothes and utensils, closed a $45 million Series F financing round last week. Houston-based Valedor Partners joined existing Newlight investors GrayArch Partners in completing the Series F financing.
This announcement comes a month after the opening of Newlight's commercial scale production facility in Huntington Beach. That facility was set up to produce the company's AirCarbon material, an alternative to synthetic materials made from the secretions of pollution-eating microorganisms. It will be the main ingredient in the company's two new brands: Restore, an alternative to plastic utensils and Covalent, a high-end fashion brand aimed at the eco-conscious consumer.
Angelenos could soon see their trash become a large part of their trash cans.
Los Angeles-based manufacturing company Rehrig says it has engineered a way to integrate at least twice as much ocean-bound plastic into its new products as its competitors.
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Los Angeles Cleantech Incubator's (LACI's) second annual Power Day was planned long before heavy smoke blanketed the West Coast for weeks, forcing tens of millions of residents to shelter indoors. But the noxious air provided organizers of Thursday's pitch competition for startups a visceral reminder of climate change's danger and the need to act on the sort of innovations that will be on display.
"We've gone from the cleanest air L.A. has seen in decades in April to the dirtiest air in five months," said Matt Peterson, who was appointed by Mayor Eric Garcetti as L.A.'s first Chief Sustainability Officer and is now CEO of the nonprofit LACI. "We know we want to have that cleaner air and safer neighborhoods that we enjoyed during the lockdown."