Algenesis develops bio-based plastics intended to match petroleum-based materials on cost and functionality. Its patented Soleic® technology is a renewable, high-performance, fully biodegradable and backyard-compostable bioPolyurethane made from plants and algae. Soleic® PU is currently used in soft foam applications such as midsoles and insoles for footwear. The company is working to evolve the product to be 100% biobased and received a US$5M grant from the U.S. Department of Energy to scale production of biobased isocyanates from algae oils using a green-flow chemistry process. The new seed funding will be used to expand Soleic® lines into breathable waterproof textiles and injection-molded products like phone cases. Algenesis also plans to bring more processes in-house to strengthen its supply chain and scale production and commercialization.

Total raised

$5M

Funding rounds

1

Latest round

Seed

Latest activity

Oct 2023