Lead singer of Irish rock band U2 Paul David Hewson, better known as Bono, has invested in Israeli recycling company UBQ Materials that converts waste into a recyclable plastic substitute.
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On Wednesday, UBQ Materials announced a $170 million funding round led by TPG Rise, TPG investment firm's global impact investing platform.
The investment was made through TPG Rise Climate, the firm's dedicated climate investing fund, and The Rise Funds, its longstanding, multi-sector impact investing fund. Bono is on The Rise Funds board of directors.
UBQ Materials turns landfill-destined municipal solid waste, into a climate-positive, cost-competitive, and fully recyclable plastic substitute.
A sustainable replacement to plastic, wood, or concrete, it can be used both on its own and in conjunction with conventional oil-based resins to offset the overall carbon footprint of end-products in industries including construction, automotive, logistics, retail, and even 3D printing.
The investment will fund UBQ's global expansion to meet growing demand, beginning with a large-scale facility in the Netherlands to be operational by the end of 2022. Funds will also go into UBQ's continued research to advance certifications, research, and development of new products.
"As countries and industries converged in Glasgow at COP26, negotiating the urgent benchmarks we must hit in lowering greenhouse gas emissions, this investment could not come at a more apt time," Albert Douer, chairman and co-CEO of UBQ Materials said. "Through the prevention of landfill-related methane emissions and the replacement of carbon-intensive raw materials, UBQ can support governments, brands and major manufacturers in achieving their sustainable development goals."
According to UBQ Materials, over 2 billion tons of municipal solid waste are produced annually around the world, more than 70% of which end up in landfills or is openly dumped. Landfills are the third-largest human source of methane, a greenhouse gas emission 80 times more powerful than carbon dioxide over 20 years.
"Waste is not the end, it is only the beginning," Jack Bigio, co-founder, and co-CEO of UBQ Materials said. "This financing round enables us to widen the reach of our patented conversion technology and novel material, bringing us closer to a functioning circular economy worldwide."
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