UBQ Materials’ plastic replacement product attracts $170M from impact investor TPG Rise

UBQ Materials, which claims it has developed a plastic-like material made from 100% unsorted household waste, has raised a $170 million funding round led by TPG Rise, TPG’s global impact investing platform, made through TPG Rise Climate, the firm’s dedicated climate investing fund, and The Rise Funds, its multisector impact investing fund.

The financing round also included participation from existing investor, Battery Ventures, and others including M&G’s Catalyst strategy, a U.K.-based investor.

UBQ Materials says it can turn landfill-destined municipal solid waste, including all organics, into recyclable plastic substitute. Its “UBQ” product can then be used both on its own and in conjunction with conventional oil-based resins in construction, automotive, logistics, retail and even 3D printing, it says.

Steve Ellis, co-managing partner of The Rise Funds said:

In addition to converting municipal waste into functional thermal plastics, UBQ’s material solution is energy efficient, uses no water and produces no effluents UBQ can be utilized in a broad array of industrial and consumer applications.

The company is vague on how it achieves all this but we will be following its claims with interest.