Recently, bio-based plastics startup Plantswitch announced that it has completed it with the support of investment arm Nexpoint Capital$8 millionto continue building a commercial manufacturing facility in North Carolina and expanding its team. The plant began producing materials in December 2023 and is expected to reach capacity in 2025 with an annual capacity of 25,000 tons. Founded in 2020, Plantswitch has developed what it calls "revolutionary" bioplastics technology that uses cellulose from agricultural by-products to create compostable, high-performance, low-carbon and low-cost plant-based resins that can be used to make almost all types of plastic products, such as food packaging, cosmetics and consumer packaging. Allegedly, the technology is able to convert biopolymersCostReduce by up to 40%.and, at the same time, improve its sustainability, accessibility and mechanical properties. The company says its product performs similarly to PHA and has been proven in the lab to degrade like PHA, fully decomposing within eight hours in a countertop composter and within three months under commercial composting conditions. At the same time, agricultural and sideline products, such as rice husks, wheat straw and other cellulose-rich products, are also used in the manufacturing process, blended with other biopolymers to reduce costs. 
*:p lantswitch) today, in the annual production of 3Bioplastics account for less than 1% of the more than 900 million tonnes of plastics, but European Bioplastics estimates that global bioplastic production will reach around 6.3 million tonnes by 2027, an increase of 4.1 million tonnes from 2022. To capture every potential market, PlantSwitch has developed hundreds of formulations covering different products with different performance characteristics, which its founder, Dillon Baxter, says can be used on any device. At present, PlantSwitch is entering into long-term contracts with some unnamed raw material suppliers; offtake contracts with what Baxter described as "some of the leading foodservice and retail providers"; And is developing products with players in the cosmetics and consumer packaged goods industry to ensure that the materials are qualified. 
Figure |PlantSwitch Partner (*PlantSwitch) At the same time, Plantswitch is preparing a Series A financing in 2024, which will be used to expand production capacity by adding manufacturing facilities. In addition, the company received a $4.9 million grant from the USDA to work with farmers in North Carolina and Virginia, a USDA grant that is part of the Climate-Smart Commodities Partnership initiative and will help accelerate the development of new bioplastics technologies. In addition to R&D, the grant will be used to pay underserved farmers above the market to grow climate-smart goods, Baxter said. These commodities can be used as cover crops, providing these farmers with additional income** and increasing the efficiency of their main crops. Material**Official** Online News Disclaimer: This article aims to convey the latest information on synthetic biology, does not represent the position of the platform, and does not constitute any investment advice and recommendations, subject to the official company announcement. This article is not a **plan recommendation, if you need to get **plan guidance, please go to a regular hospital for treatment.