RWDC Industries Raise US $133 Million In Series B Funding Round

May 05, 2020

Harnessing nature to battle the world’s single-use plastics problem, biotech company will accelerate plans to meet increasing demand for better materials to replace plastics for food service, food packaging, consumer goods packaging and other consumer items 

ATHENS, GEORGIA and SINGAPORE (May 5, 2020) – RWDC Industries Limited, a Singapore-based biotech start-up providing a solution to the world’s single-use plastic crisis, announced today the closing of a US$133 million two-stage Series B funding round. 


This announcement comes as the need to replace single-use plastic continues to rise to meet growing consumer demand for better materials choices. The increasing need for materials that enable greater food safety, better stewardship of the environment, and that enable a sustainable circular economy are also being driven by regulatory demands from state, local, and federal governments across the globe. 


Co-founded by CEO Dr. Daniel Carraway and Executive Chairman Roland Wee, RWDC develops innovative and cost-effective biopolymer material solutions – including, polyhydroxyalkanoates or PHAs. PHAs are naturally produced by microbial fermentation of plant-based oils or sugars and are recognized as the only commercially viable biodegradable bioplastic. Primarily produced today from used cooking oil, RWDC’s PHA is certified by TÜV AUSTRIA to be fully biodegradable in soil, water, and marine conditions – leaving no toxic residue. PHA will help to improve the climate, with less GHG emissions. It will also improve human health and the health of our ecosystems, with no endocrine disrupting chemicals and no harmful micro-plastic waste. In 2018, RWDC’s proposal to use PHA to start replacing single-use plastics won the inaugural Liveability Challenge, presented by Temasek Foundation.


“We are grateful and excited to have the support of world-class investors who share our urgent mission of solving the global challenge of single-use plastic,” said Carraway, who is based in Athens, GA. “This investment will help us significantly increase our production capacity so that we can meet needs of brand owners who want to improve the lives of their customers by offering materials that have a positive effect on human health, while improving environmental stewardship.” 


 “We have had a global view of the plastic crisis since our founding,” said Wee, who is based in Singapore. “Consistent with that, we’ve planted a flag in both Asia and the United States, and we look forward to expanding our manufacturing of this innovative solution in Georgia. Right now, the COVID-19 pandemic presents an unprecedented crisis, but we also recognize that, for many years, we’ve been headed toward an existential threat to our individual health and our planet due to pervasive and mounting plastic pollution. It must be addressed immediately and with a solution at industrial scale. That’s what RWDC can do.”


The new investment was co-led by Vickers Venture Partners (a global venture capital firm); Flint Hills Resources (a leading energy and resources company); CPV/CAP Pensionskasse Coop (the pension fund of Switzerland’s largest retail company); and International SA (a fund linked to Interogo Holding AG).


Other participating investors include existing investors Eversource Retirement Plan Master Trust (the pension fund of Eversource Energy, a Fortune 500 company); and WI Harper Group (a pioneer of US-Asia cross-border VC investing).


“RWDC exemplifies the kind of company we support – passionate about problem solving and creating positive social impact. We believe RWDC has the potential to make an enormous difference in solving the global plastics problem, and we’re proud to continue supporting the company and its leadership,” said Dr. Finian Tan, Founder and Chairman of Vickers Venture Partners.


RWDC will use the funding to meet growing demand for PHA, including by expanding the company’s production capacity with a new facility in Athens, Georgia. Reflecting RWDC’s own mission of creating a sustainable, earth-friendly solution to plastics pollution, RWDC is repurposing an idled factory originally constructed in the late 1960s to use as its new production facility in Athens, which will bring 200 new jobs to the community in northeastern Georgia. RWDC will also use the new funds to conduct research and development efforts. 


“RWDC Industries is a perfect example of Georgians’ creative approach to solving problems and finding great success, thanks in part to state resources like our public university system,” said Georgia Governor Brian Kemp. “It’s great to see a Georgia company continue to find ways to make a difference and create innovative opportunities for hardworking Georgians.”


About RWDC Industries Limited

Based in Singapore and founded in 2015 by Mr. Roland Wee and Dr. Daniel Carraway, RWDC Industries Limited is a biotechnology company that develops innovative and cost-effective biopolymer material solutions, including polyhydroxyalkanoate (PHA). PHA is fully biodegradable and can be used as a substitute for plastic in a wide range of everyday, single-use consumer goods, from straws to utensils to cups and plates to lids. RWDC supports sustainable practices and encourages responsible choice in plastic waste management, including recycling, to protect our environment and planet. 


About Vickers Venture Partners

Vickers Venture Partners is a global venture capital firm focused on early-stage investments in the technological and geographical mega trends of the world. The firm’s portfolio covers life sciences, technology, media, and telecommunications as well as consumer and financial services. The partners’ track records include hits such as Baidu.com, Inc, Focus Media Holding Ltd, Kongzhong Corp, Cambridge Real Estate Investment Trust, Sunfun Info Co., Asian Food Channel (trade sale), UUCUN (trade sale), TWG Tea (trade sale), RTG Asia (trade sale), JJE (trade sale), Hillstone (trade sale, IPO), M-Daq (trade sale), Tenfen (trade sale), Kuyun (trade sale) and Mainspring (trade sale). The total market value of the companies that the partners have helped grow exceeds US$50 billion today. Vickers Venture Partners has announced that as of March 2020, they have received commitments of over US$200 million of their target of US$500 million for their latest fund VI and have started investing from it. 


Vickers Venture Partners was founded by Dr. Finian Tan together with his co-founders Dr Khalil Binebine, Dr. Jeffrey Chi, Dr. Damian Tan, Ms. Linda Li and Mr. Raymond Kong in 2005. It is headquartered in Singapore with offices in Shanghai, Hong Kong, New York, San Diego, Silicon Valley and London.


About Flint Hills Resources

Flint Hills Resources is an industry leader in refining, chemicals, and biofuels and ingredients, with operations primarily in the Midwest and Texas. Its manufacturing capability is built upon six decades of refining experience, and the company has expanded its operations through capital projects and acquisitions worth more than US$15 billion since 2002. Based in Wichita, Kansas, the company has more than 3,500 employees and is a wholly owned subsidiary of Koch Industries, Inc.


About CPV/CAP Pensionskasse Coop

CPV/CAP Pension Fund Coop is the pension fund of the Coop Group, which is the largest retail company in Switzerland. The pension fund insures over 50,000 individuals and manages assets of around 10 billion Swiss francs.


For CPV/CAP, responsible and sustainable investment means not only considering economic factors, but also ranks highly environmental and social responsibility and good corporate governance in its investment decisions.


In this respect, the Pension Fund focuses on alternative investments in the field of renewable energies and venture capital, which seeks solutions to environmental problems and challenges.


About International SA

International SA is a Luxembourg-based alternative investment fund which is part of Interogo Holding AG. Originally established in 1997, International has today become a portfolio of global investments built on a strategy around relationship investing. 




Contact:


RWDC Industries – Press Inquiries 

Caroline Beckmann

Trident DMG 

+1-202-440-1783

cbeckmann@tridentdmg.com


RWDC Industries – Asia Press Inquiries 

Andrew Wee

Vice-President, Asia Pacific

andrew@rwdc-industries.com


Vickers Venture Partners

Pranav Rastogi

REDHILL

pranav@redhill.asia

05 Sep, 2023
Next phase of partnership will increase global availability and adoption of natural alternative to petroleum-based plastics
18 Jul, 2023
Combined expertise will accelerate scale-up of sustainable materials production to reduce global reliance on single-use, petroleum-based plastics.
09 Jun, 2023
Members of RWDC Industries were invited by the United States delegation to attend the second session of the United Nations Intergovernmental Negotiating Committee on Plastic Pollution (UN-INC2) last month in Paris. Over 1500 delegates were granted access to the general sessions, while more than 3000 additional attendees were on hand to meet with delegates. During a stakeholder session, RWDC Chief Commercial Officer Blake Lindsey presented to the US delegation and Larke Williams, the Lead Plastic Pollution Negotiator at U.S. Department of State, a general overview on polyhydroxyalkanoates (PHA) and its benefits. “Attending these events allows us to help create awareness about the value of PHA,” said Lindsey. “RWDC is playing a major role in supporting industry efforts to clarify what PHA is and what it isn’t.” In addition to attending the stakeholder session, RWDC also met with representatives of the United States Department of Agriculture (USDA), the United States Department of Energy (DOE), and members of the White House staff. RWDC is assisting PHA industry leaders like fellow UN-INC2 attendees Dr. Bryan Haynes, of Kimberly-Clark, and Anindya Mukherjee, co-founder of GO!PHA, to help educate and raise awareness about the benefits of PHA so global government officials understand the impact it can have as a replacement for single-use, petroleum-based plastics. “It is important for global policymakers to understand the differences between petroleum-based plastics and biobased alternatives, why replacing is more important than recycling, and why biobased alternatives should not be left off acceptable materials lists supported by government agencies,” said Lindsey. In addition to attending important industry event, RWDC also has joined INDA, the Association of the Nonwoven Fabrics Industry, following an invitation from Kimberly-Clark, meeting with INDA officials during UN-INC2 to further enhance industry exposure. RWDC also has been invited to join The Business Coalition for a Global Plastics Treaty as a result of discussions at UN-INC2. The Business Coalition for a Global Plastics Treaty brings together businesses and financial institutions committed to supporting the development of an ambitious, effective, and legally binding UN treaty to end plastic pollution. The coalition is convened by the Ellen MacArthur Foundation and WWF, in collaboration with aligned businesses and supported by strategic NGO partners. Representatives of this NGO attended the UN-INC2, including government relations representatives for Walmart, PepsiCo, and Coca Cola. We will continue to forge these important relationships until governments, policymakers, lobbyists, global brand owners, and consumers see PHA as THE solution to the global plastic crisis.
08 May, 2023
WAYNE, Pa., and ATHENS, Ga., — Trinseo (NYSE: TSE) and RWDC Industries LLC announced today a partnership to further the development of sustainably advantaged paper and board packaging solutions by bringing polyhydroxyalkanoates (PHA) dispersion technology to target markets. This exclusive agreement builds on the partners’ ongoing efforts to optimize PHA dispersions for paper and paperboard barrier coating applications. Rising regulatory and consumer pressure is driving demand for sustainable replacements for non-recyclable packaging materials and chemistries, such as extruded polyethylene laminates and fiber processing with fluorochemicals. Trinseo and RWDC aim to meet this need using PHA dispersion technology to create water-based barrier coatings that are recyclable in traditional paper processes, organically recyclable via composting, and biodegradable in soil and marine environments. “We are constantly striving to refine our product portfolio to deliver innovative, customer-centric products that solve material challenges with tailored, sustainable solutions,” said Andre Hugentobler, Global New Business Development and Technology & Innovation Director, Latex Binders, Trinseo. “Our partnership with RWDC is a perfect example of a combined approach that allows both partners to focus on what they do best and jointly deliver technical solutions that will benefit our customers and the markets they serve.” “Our new partnership with Trinseo is a critical step in our journey to bring Solon™ PHA forward as an innovative material solution for an application that has high-performance requirements while being environmentally safe,” said Blake Lindsey, Chief Commercial Officer for RWDC Industries. “This is an exciting time for RWDC, and we are pleased to be working alongside global leaders like Trinseo to bring both best- and first-in-class materials to the marketplace.” This partnership recognizes the strength both companies bring in providing cutting-edge materials, technical solutions, and development capabilities to answer immediate calls for chemistry that supports sustainable packaging solutions. Together, Trinseo and RWDC Industries will combat the challenges the world faces with single-use, non-recyclable packaging waste and fluorochemical treatments used in barrier coatings. About Trinseo Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility. Trinseo’s approximately 3,400 employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $5.0 billion in 2022. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn , Twitter , Facebook and WeChat. About RWDC Industries RWDC Industries is a biotechnology company that utilizes natural processes to produce materials for use in our daily lives. RWDC develops innovative, cost-effective biopolymer material solutions, including SolonTM PHA, a fully biodegradable and environmentally safe material that can replace plastic in a wide range of applications from single use articles to consumer goods or food packaging to non-wovens and textiles. RWDC supports sustainable practices and encourages responsible choice in plastic waste management, including recycling, to protect our environment and planet. Its global headquarters is in Singapore, and its operational headquarters is in Athens, Georgia. For more information on RWDC, visit www.rwdc-industries.com Cautionary Note on Forward-Looking Statements This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements may be identified by the use of words like "expect," "anticipate," “believe,” "intend," "forecast," "outlook," "will," "may," "might," "see," "tend," "assume," "potential," "likely," "target," "plan," "contemplate," "seek," "attempt," "should," "could," "would" or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; increased energy costs; our ability to successfully generate cost savings and increase profitability through asset restructuring initiatives; compliance with laws and regulations impacting our business; conditions in the global economy and capital markets; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —"Risk Factors" and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Press Contacts: Trinseo: Bregje van den Braak bvandenbraak@trinseo.com RWDC Industries: S. Blake Lindsey +1 706 363 3040 x103 +1 678 372 3510 (cell) blindsey@rwdc-industries.com
12 Apr, 2023
Combined innovation, experience and strengths of Lummus and RWDC offers real solutions for the circular economy
13 Jun, 2022
Across the globe, many people and businesses do their best to recycle. We all want to keep our earth clean, and trash out of our streets and ecosystems, and recycling is a good way to do that — right? While not for lack of good intentions by many, recycling does not work as sufficiently as one might think. The world has generated seven billion tonnes of plastic waste, but less than 10 percent has been recycled . The 90 percent of plastic that is not recycled should go to a landfill, but often it makes its way into our environment, particularly our waters, where it can persist for hundreds of years. According to a report from the University of Georgia and the National Center for Ecological Analysis and Synthesis, 8 million metric tons of plastic enter the oceans annually. This flow of plastic into our oceans is not expected to slow down either. A report from researchers at the PEW Charitable Trust found that plastic entering the oceans will triple by 2040 if we continue business as usual. Plastic is not just a sore sight; plastic waste also endangers wildlife. According to a fact sheet sponsored by the United Nations , "plastic waste kills up to 1 million sea birds, 100,000 sea mammals, marine turtles and countless fish." In addition, plastic in the ocean micronizes and accumulates in the fish we eat. The fish we eat then become one of many sources of microplastic ingestion by humans , where it can then potentially accumulate in our blood . The obvious answer to plastics' threat to our ecosystems, wildlife and potentially our health is to use bio-based materials like RWDC’s Solon™ PHA , a biovanescent material. This means Solon is entirely marine biodegradable and does not break down into microplastics. The novel material is also a 'drop in replacement' to existing plastic manufacturing processes and is cost-effective. Solon is safe for all life — plants, animals and humans alike. While Solon is the future, presently, individuals and companies must be educated on how and what they recycle. While most types of plastics cannot be recycled effectively, some can. Those materials that can be recycled are Polyethylene Terephthalate (PET) and High-Density Polyethylene (HDPE). In the United States, individuals can easily find what plastic an item is by looking for the resin identification code, which is a number from 1 to 7 enclosed in chasing arrows. In the U.S., the number 1 is PET, and the number 2 is HDPE. Any other number circled in chasing arrows should be thrown in the trash. It is important to remember that the chasing arrows on your plastic item indicate what type of plastic it is, not that it is recyclable! RWDC's partner Temasek has made a useful infographic that will help you remember which everyday items are recyclable. It also notes that recyclables should always be cleaned before throwing them in the bin! And for those living in Singapore, Temasek has included other important information on the status of recycling in Singapore and where individuals can recycle.
By Jon Sumple 25 Mar, 2022
After years of speculation surrounding the potential health impact of microplastics on humans, the verdict is in: Scientists from the Vrije Universiteit Amsterdam have documented the presence of microplastics in human blood for the very first time. The pioneering research discovered the following plastics in bloodstream samples: Polyethylene terephthalate (PET) – commonly used to produce plastic water bottles Polystyrene (PS) – widely used for food packaging and food service plastic articles like cutlery Polyethylene (PE) – most often used as a plastic liner in paper coffee cups and carrier bags “It’s really not a surprise, is it? If plastics have been proven to be present in animal organs and bloodstreams for years, it was just a matter of time,” says RWDC CEO Dr. Daniel Carraway. “It’s similar to society’s awareness surrounding smoking cigarettes and the tobacco-related health concerns in the 50s and 60s. We had a pretty good idea it wasn’t good for us, but it took verifiable studies to get us to wake up and understand the severity of the problem.” RWDC Industries’ mission is to replace petroleum-based plastics with a renewable, sustainable, and natural alternative: Solon™ PHA, a biovanescent material that safely and completely biodegrades after its useful life. It is a material that has no human health and safety concerns. For producers of a wide range of articles, including food packaging, food service articles as well as non-woven fibers for products such as face masks, Solon is designed to be a drop-in replacement for existing petroleum-based plastic manufacturing processes. Now is the time for policymakers, manufacturers, packaging designers, influencers, and the public at large to take action. We welcome your inquiries as we seek to support the efforts of all organizations that are prepared to make a difference. Please contact S. Blake Lindsey, Chief Commercial Officer of RWDC Industries at blindsey@rwdc-industries.com to learn how RWDC might support your efforts to meet the environmental, and human health and safety commitments of your constituents, partners, and customers.
23 Nov, 2021
Injection of funds will help the sustainable materials developer scale up in the US and start production in Singapore to speed adoption of its biodegradable biopolymer material for consumer packaged goods
By Collin Woodrum 07 Jun, 2021
RWDC Industries is replacing petroleum-derived plastics with bio-based alternatives while supporting job growth and investments in Athens, Georgia . Our goal to produce a sustainable alternative to plastic and provide excellent opportunities for team members is why AMCREF , A US-government-backed loan program that funds environmentally conscious businesses in low-income communities, has financed RWDC Industries. RWDC is currently constructing its first commercial-scale manufacturing facility in Athens, Georgia, which will hire many in the local area. "There are a handful of things that RWDC has as intersections with our local set of goals, and certainly one of those are high wage jobs," said Athens Mayor Kelly Girtz in AMCREF's video highlighting RWDC. "Another one is a sustainable product," he added. To watch AMCREF's video highlighting RWDC Industries' commitment to the environment and the people and communities it works with, click the video below.
07 Jun, 2021
DALLAS, June 7, 2021 /PRNewswire/ -- In pursuit of its 2030 ambition to reduce the use of fossil fuel-based plastics by half before the end of the decade, Kimberly-Clark announced a partnership with the biotech company RWDC Industries to advance sustainable technology for consumer products that provides much-needed solutions to the world's single-use plastics problem. The collaboration brings together Kimberly-Clark's deep experience in nonwoven technologies and resin development with RDWC's innovative and cost-effective biopolymer solutions. The partnership will provide Kimberly-Clark with RWDC's polyhydroxyalkanoates (PHA) source material, SolonTM, to develop additional products that are marine degradable. "We've seen the growing demand from consumers and governments for companies to provide more sustainable solutions to single-use plastics," said Liz Metz, Vice President of Kimberly-Clark's Global Nonwovens business. "Solving for these challenges will take game-changing innovation as well as collaboration with industry-leading partners like RWDC to help speed these new materials to market." This new source material for Kimberly-Clark's personal care products is one of the strategies the company is developing as part of its recently announced sustainability ambitions for 2030 that include a transition away from traditional fossil fuel-based plastics toward more renewable and regenerative materials. The company is working to launch products featuring this innovation over the next five years, focusing first on product categories that address global demand for more sustainable products. "We're thrilled to partner with Kimberly-Clark and play an important role in the future development of its essential products," said Dr. Daniel Carraway, Co-Founder and Chief Executive Officer of RWDC. "This partnership showcases how industry leaders can leverage the agility of emerging technologies to deliver real change. Together, we are demonstrating that we can alter the alarming growth trajectory of plastic waste while retaining quality and enabling environmental goals to be met." RWDC, based in Athens, Ga. and Singapore, combines deep expertise in PHA properties and applications with the engineering know-how to reach cost-effective industrial scale. RWDC uses plant-based oils to produce its proprietary PHA, which can be composted in home and industrial composting facilities. Should products or packaging made with PHA find their way into the environment, they biodegrade in soil, fresh water, and marine settings, preventing persistent plastics from accumulating in the environment. "Kimberly-Clark aims to be a leader in driving innovative solutions that address plastic pollution," added Metz. "When combining breakthrough innovation with consumer education on the increasing number of organic recycling options, we also provide a way for Kimberly-Clark and its consumers to solve the problem of plastics in the environment together." About RWDC Industries Limited Based in the U.S. and Singapore, and founded in 2015 by Mr. Roland Wee and Dr. Daniel Carraway, RWDC Industries is a biotechnology company on a mission to replace single-use plastics through innovative and cost-effective biopolymer material solutions. RWDC is the developer of Solon™, a proprietary polyhydroxyalkanoate (PHA) that is sustainably sourced, naturally occurring, and commercially viable. The biopolymer can be substituted for plastic in a wide range of everyday, single-use consumer goods. Solon™ is biovanescent – a term pioneered by RWDC to describe materials that completely break down to water and carbon, leaving no trace. RWDC supports sustainable practices and encourages responsible choice in plastic waste management, including recycling, to protect our environment and planet. www.rwdc-industries.com About Kimberly-Clark Kimberly-Clark (NYSE: KMB ) and its trusted brands are an indispensable part of life for people in more than 175 countries. Fueled by ingenuity, creativity, and an understanding of people's most essential needs, we create products that help individuals experience more of what's important to them. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Neve, Plenitud, Sweety, Softex, Viva and WypAll, hold the No. 1 or No. 2 share position in 80 countries. We use sustainable practices that support a healthy planet, build stronger communities, and ensure our business thrives for decades to come. To keep up with the latest news and to learn more about the company's nearly 150-year history of innovation, visit kimberly-clark.com . [KMB-S] Logo - https://mma.prnewswire.com/media/648588/Kimberly_Clark_RGB_Blue_Logo.jpg Logo - https://mma.prnewswire.com/media/1525768/RWDC_Industries_Logo.jpg SOURCE Kimberly-Clark Corporation and RWDC Industries
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