Newlight Technologies Completes $45MM Series F Expansion Finance Round
Single-use plastic demand is on the rise, driven by the world's need for products that promote hygiene and convenience
Valedor Partners, LLC, a Houston-based private equity and merchant banking firm, today announced its completion of Newlight Technologies, Inc.’s Series F financing round.
California-based Newlight produces an ocean-degradable biopolymer called PHB using air and greenhouse gas. Newlight’s methods are supported by more than a decade of research and development as well as an extensive patent portfolio. Newlight’s Series F finance round coincides with the commissioning of a new commercial-scale production facility in California called Eagle 3 and the launch of branded products including a line of cutlery and drinking straws for the food-service industry. Newlight’s foodware products deliver a unique level of material safety and certified sustainability, resulting in high-performance, ocean-degradable foodware that works for people and the planet.
Valedor joined existing Newlight investors, GrayArch Partners, in completing the Series F financing. Valedor’s investment comes at an inflection point. Single-use plastic demand is on the rise, driven by the world’s need for products that promote hygiene and convenience.
At the same time, there is a growing sense of urgency amongst governments, corporations, consumers, and investors to identify cost-effective and scalable solutions to reduce the pace of plastic accumulation in the world’s oceans. Newlight is positioned to deliver scalable solutions that address these needs through cost-effective, carbon-negative, and marine-biodegradable products, which can reduce the negative impact of synthetic plastic production and waste on oceans, wildlife, and waterways. Newlight’s use of methane as a feedstock enables its process to be scaled commercially with no food-supply conflicts.
“Valedor is excited to support Newlight in its efforts to rapidly scale supply of a natural, cost-effective, biodegradable replacement for plastic,” said Shawn Patterson, Managing Partner – Private Equity.
“We are excited to work with Valedor as a scaling partner,” said Newlight CEO Mark Herrema. “With the installation of Eagle 3, we are eager to grow our production capacity throughout the U.S., and Valedor is an ideal partner for us to help do that.”
About Valedor Partners, LLC
Founded in 2018, Valedor is a Houston-based private equity and merchant banking firm with additional offices in the Bay Area and Washington, DC. Valedor’s principals apply their diverse skill sets and decades of experience as founders, investors, and C-level executives for the benefit of Valedor’s investors, portfolio companies, and advisory clients.
About Newlight Technologies
Founded in 2003, Newlight Technologies is a biotechnology company in Huntington Beach, CA dedicated to producing materials that help improve life. After over ten years of research, Newlight developed AirCarbon: a regenerative, ocean-degradable material that is being used to replace synthetic plastic and fibers to help solve plastics pollution and climate change. AirCarbon was named “Biomaterial of the Year” by the Nova Institute and “Innovation of the Year” by Popular Science. Newlight was also recognized as a “Technology Pioneer” by the World Economic Forum and awarded the Presidential Green Chemistry Challenge Award by the U.S. Environmental Protection Agency.
Source: Newlight Technologies, press release, 2020-10-08.