A Revolution in Plant-Based Plastic Packaging
Plants are the new plastic and a rapidly growing startup called PlantSwitch is leading the plant-based plastic revolution with a cost-effective and sustainable plastic alternative material.
The company’s proprietary technology upcycles agricultural waste into a plant-based resin that then mass-produces into a compostable, high-performance and cost-effective bioplastic.
Unlike previous plastic alternatives that have been too costly for companies to make the switch, PlantSwitch, in addition to being the quickest to break down in composting bins, offers the first drop-in solution, meaning that PlantSwitch ag resin pellets are compatible with existing plastic processing machinery.
PlantSwitch has taken over a 52,000 square foot U.S.-based commercial facility that was once used to produce traditional petroleum plastic. In their new facility, the company will produce 50 million tons of its plant-based plastic material in the next year for some of the world’s biggest brands.
“Our home compostable resin will fully break down in backyard compost bins in less than 6 months, leaving zero microplastics behind,” shares PlantSwitch CEO, Dillon Baxter. It’s an impressive feat, considering that traditional petroleum-based plastics take an average of 1,000 years to decompose in commercial landfills.
“We are giving plant waste a second life and creating a cost-effective drop-in method for companies,” continues Baxter. “Additionally, the agricultural residues we upcycle are byproducts of food production, so we are also adding value by solving a waste problem for agricultural producers.”
Fundraising hasn’t been an issue for the company since its 2020 start. A strong $3.25 million dollar seed round delivered early support in 2021. In addition to this year’s $7.6 million bridge round, the company also landed a $4.94 million USDA grant earlier this year, part of the Partnerships for Climate-Smart Commodities Initiative. The company has also previously received $3 million in non-dilutive debt financing.
Baxter can disclose at this time that in Q1 of 2024, “some of the largest manufacturers and brands in food service, CPG (consumer packaged goods), and cosmetics” will be making the switch from traditional plastics to PlantSwitch’s compostable bioplastic for their packaging, utensils, straws, etc.
Learn more at: https://www.plantswitch.com/