Wednesday, March 2, 2016
Newlight In Deal With IKEA For Carbon Neutral/Negative Plastics
Irvine-based Newlight Technologies, which is developing technology which captures carbon and turns it into plastic materials, has signed a deal with furniture retailer IKEA, which will see IKEA using plastics from Newlight's technology in its products. According to the two, IKEA will purchase Newlight's AirCarbon products from Newlight's production facilities, as a replacement for fossil-based plastics. Financial details of the deal have not been announced. Newlight is developing technology which uses carbon capture to replace oil-based plastics and other materials, creating polyhydroxyalkanoate (PHA)-based thermoplastic materials. The company is backed by METRIX Capital Group.