PlantSwitch (Dallas), a startup aiming to produce bioplastics from upcycled agricultural waste, has raised $7.7 million in an early fundraise round, including $2 million from alternative asset manager NexPoint (Dallas), said the company.
The funding will go toward scaling up plastic resin production at PlantSwitch’s recently acquired facility in North Carolina.
PlantSwitch has entered into framework agreements to supply “several nation-wide restaurant and grocery store chains” with bioplastic products, the company said. The company is also aiming to increase the size of its workforce to 50 employees by the end of 2024.
In addition to the $7.7 million funding round, PlantSwitch has received a $4.94 million grant from the US Department of Agriculture.
We remind, TotalEnergies has reported net income of $6.67bn (€6.33bn) in the third quarter of 2023, a marginal 1% increase compared with $6.62bn in the same period a year ago, said the company. In the July–September quarter of 2023, the French oil and gas company reported $54.41bn in revenue from sales, a 16% decline from $64.92bn in Q3 2022.
mrchub.com