Newlight Technologies, Inc., a Huntington Beach, California-based producer of an ocean-degradable biopolymer called PHB using air and greenhouse gas, closed a $45M Series F financing round.
Valedor Partners joined existing investor GrayArch Partners in completing the round.
Founded in 2003 and led by CEO Mark Herrema, Newlight is a biotechnology company dedicated to producing materials such as AirCarbon, a regenerative, ocean-degradable material that is being used to replace synthetic plastic and fibers to help solve plastics pollution and climate change.
The Series F finance round coincides with the commissioning of a new commercial-scale production facility in California called Eagle 3 and the launch of branded products including a line of cutlery and drinking straws for the food-service industry. Its foodware products deliver a unique level of material safety and certified sustainability, resulting in high-performance, ocean-degradable foodware that works for people and the planet.