The Green Composite Material is completely biodegradable in the natural environment within 75 days
Hong Kong-based green material company Ecoinno has secured $6m funds to commence the industrial-scale production of an advanced Green Composite Material (GCM).
Ecoinno has received Series A1 funding from the Alibaba Hong Kong Entrepreneurs Fund and Alibaba Taiwan Entrepreneurs Fund II.
The funding will also be used to strengthen its material research and engineering platform to better meet pressing consumer packaging requirements and to improve consumer green awareness.
Ecoinno co-founder and CEO George Chen Dah Ren said: “This new funding puts us solidly on the first step towards realising our vision of creating a sustainable, circular economy by delivering GCM products to our environmentally- focused clients.
“We are thrilled to have both Alibaba Entrepreneurs Funds coming on board in our first institutional round, to help take the company forward. We are also very grateful to our long-standing benefactors, especially the HKSTP and the ITC.”
Ecoinno has developed a patented Green Composite Material using natural plant fibres
Ecoinno has developed a patented GCM and related processes using natural plant fibres, which are renewable, and naturally occurring polymers.
GCM is completely biodegradable in the natural environment within 75 days and holds the capacity to withstand extreme temperature.
It is claimed to be three times stronger than plastic and bioplastic in tensile strength and impermeable to oxygen. GCM is also resistant to water and oil and toxic-free.
By using GCM technology, Ecoinno intends to offer the global consumer and industry with a viable third option, which is said to be a break-out from the traditional choice between petroleum-derived plastic and bio-plastic is a significant step towards creating a sustainable and circular economy.
Alibaba Taiwan Entrepreneurs Fund II manager and WI Harper Group partner Edward Liu said: “We were won over by the vision and passion of George, Vivian and their team, to tackle single-use plastics pollution – one of the most pressing environmental challenges globally today.
“We believe that the functional and commercial attributes of Ecoinno’s GCM products represents a paradigm shift in the Movement to Rethink Plastics.”
Recently, Canadian company TerraVerdae Bioworks has secured investment from Alberta, federal and other funding partners for its new product development capacity to manufacture fully biodegradable and high-performance bioplastics.