US-based cleaning company Waste Management has made a strategic investment in MicroGreen Polymers, a firm developing technology to reduce the amount of plastic required in consumer products.
MicroGreen closed its series B round at $6.9m from Waste Management, WRF Capital, the venture investment arm of Washington Research Foundation, Northwest Energy Angels and private investors.
MicroGreen uses its patented Ad-air technology developed by researchers at the University of Washington to create bubbles within solid-state plastics that expand the materials and so is potentially stronger, lighter in weight, more insulating and highly reflective.
MicroGreen will launch its first converted product as a low-density, thermally-insulating beverage cup that is recyclable and is itself made from recycled material.
Pat DeRueda, president of Waste Management, North America’s largest residential recycler, said the financial package would help the company meet two of its sustainability goals: tripling the amount of recyclables it processes by 2020 and investing in emerging technologies for managing waste.