Irvine Clean-Tech Company Raises $9.2MMonday, April 7, 2014
An Irvine-based clean technology company that converts greenhouse gases into plastics has raised $9.2 million in its latest funding round.
The investment from new and existing investors brings Newlight Technologies total fundraising to $18.8 million.
The company was established in 2003 through a joint partnership between Princeton University in New Jersey and Northwestern University in Evanston, Ill. It is looking to turn methane gas from farms, water treatment plants, and municipal landfills into thermoplastic materials comparable to polypropylene and polyethylene, the company said.
The technology, dubbed AirCarbon, is used to make bags, furniture and a variety of other products.