By Fabiana Negrin Ochoa


A Temasek fund has teamed up with petrochemical giant Indorama Ventures to lead a near $25 million round to raise money for a U.K. company that says it has invented a plastic that self-destructs safely without leaving any harmful traces in the environment.

Singapore-based ABC Impact, a division of Temasek Trust Asset Management, said the GBP20 million raised in the Series B round will be used to help commercialize Polymateria's technology on a global scale. That will include deepening London-based Polymateria's R&D capacity, broadening its presence in existing markets and bringing it into new ones, particularly those where so-called fugitive plastics abound.

Fugitive plastics, those littered plastics or plastic leaked out of waste collection systems, make up 32% of all plastics that end up in the environment, according to Polymateria's site. The startup's technology promises plastic that will break down without leaving microplastics or toxic residue behind, an innovation aimed at improving on previous plastics that haven't fully lived up to claims of being truly biodegradable.

One promising feature of the technology, according to the companies, is that it can be deployed with no changes to existing manufacturing processes. It is also compatible with existing recycling streams, making it far easier to scale.

According to a joint statement, ABC Impact's chief impact officer, Sugandhi Matta, will join Polymateria's board, which is chaired by Marc Bolland, chair of Blackstone Group International Partners.

"Polymateria's recent high-profile customers include Twickenham Rugby Stadium, the Chicago Marathon and 7-Eleven Taiwan," the companies said.


Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com


(END) Dow Jones Newswires

05-03-23 0551ET