U.S. Algenesis produces biodegradable polyurethane from algae with 52% bio-based content

05.01.24 04:54 AM By WenZi

Oct. 27, 2023 - U.S.-based plant materials science company Algenesis has raised $5 million in a funding round led by Texas-based First Bight Ventures fund and environmental impact investor Circulate Capital, which is focused on advancing synthetic biology companies.

 



Pictured: Algenesis' bio-based polyurethane biodegrades in compost within a few months.

Algenesis has patented a technology called Soleic, which utilizes raw materials derived from algae and non-edible plants to produce bio-based and fully biodegradable polyurethane (PU), replacing petroleum-based PU. The bioplastic is third-party certified to have a 52% bio-content. The company is working to increase the bio-content to 98%. 

Unlike petroleum-based PUs, Algenesis' Soleic Bio-Based Polyurethane biodegrades in compost in a matter of months and does not contain the harmful PFAS chemical additives found in other plastics. According to a life cycle assessment conducted by Algenesis, the greenhouse gas emissions from the production process are further reduced by 50 percent compared to petroleum-based polyurethanes.

Steve Mayfield, Founder and CEO of Algenesis, said, "We are excited to take the next step in our growth journey, and this funding will support our expansion of production to meet the growing demand for Soleic polyurethane systems." .

Algenesis' Soleic polyurethane is currently used in flexible foam applications such as shoe midsoles and insoles. The new funding will be used to expand Soleic's product line into injection molded products such as breathable and waterproof textiles and cell phone cases. The company also plans to expand and strengthen its supply chain, bring more processes in-house, and expand production and commercialization.

The technology has been in development for more than five years by three scientists at the University of California, San Diego, and a team of Ph.D. students and post-doctoral fellows.One of Algenesis' early products was a rigid PU foam for surfboards.

First Bight Ventures and Circulate Capital led the seed round; MIH Capital, Diamond Sports Group and RhinoShield also participated. This follows a $5 million grant from the U.S. Department of Energy to expand the production of bio-based isocyanates from algae oil for use in the manufacture of thermoplastic polyurethanes.