Paul David Jason, lead singer of the Irish band U2, known by the stage name "Bono", is one of the investors in the start-up from Kibbutz Tze'elim - UBQ Materials.
The Israeli company has developed technology to turn household waste into a plastic substitute and has completed a $ 170 million fundraiser led by the TPG Foundation, of which one of its partners is Bono.
They also invested in Battery Ventures and the British M & G's Catalyst.
UBQ Materials absorbs mixed household waste, some of which is not recyclable by conventional means, including food scraps, mixed plastics, cardboard, paper and even dirty diapers, and turns it into UBQ, an environmentally friendly thermoplastic material.
The final product, protected by a global patent, is used to manufacture many plastic products in the fields of logistics, construction, the automotive industry, retail and even 3D printing.
Gold garbage
UBQ's clients include global giants such as Mercedes, the world's largest franchisee of McDonald's restaurants across Latin America, Keter Plastic and Carmel Olefins of the Zen Group.
UBQ offers a solution for about 2 billion tons of household waste that is not currently recycled and is landfilled or dumped unattended to natural areas, including rivers and oceans.
This waste is the third cause of methane emissions from human activity.
According to the company, each ton it produces saves up to 12 tons of carbon dioxide emissions over 20 years, so the product has a negative carbon footprint.
UBQ is considered the greenest thermoplastic material in the world.
"Investing at the right time"
The investment funds will enable UBQ to expand its international deployment and meet the growing demand for sustainable ecological materials.
The company is in the process of setting up a new plant in the Netherlands, which is expected to start operating in about a year.
The current production site at Kibbutz Tze'elim will continue its commercial activities and expand the research and development of new advanced materials.
Steve Ellis, co-director of TPG Rise Funds, said that "UBQ's technology is energy efficient, does not use water, does not produce wastewater and converts municipal waste into plastic material for a variety of industrial and consumer applications. We are excited to collaborate with management and expand global operations."
According to Albert Duer, co-chairman and CEO of UBQ, "the investment comes at the right time in light of the UN climate conference's decisions in Glasgow to reduce carbon dioxide emissions within a few years.
Our product will enable governments and companies to meet the established standards and achieve their sustainable development goals. "
"For us, garbage is not the end of the products, but just the beginning," said Jack (Tattoo) Biggio, co-founder and co-CEO of UBQ. "The vision of creating a functioning circular economy with a significant climatic impact."
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