MicroGREEN Polymers is raising $20 million to support commercialization of new food-packaging products made from recycled water bottles using a University of Washington technology, says Krishna Nadella, co-founder and chief technology officer. Virgin America and Alaska Airlines are testing a new coffee cup that could unlock a very large market, he says. The 10-year-old company recently closed a $1 million licensing deal in South Africa and expects to be profitable in the fourth quarter. The company also aims to grow its staff from 50 to 200 by mid 2014.
Source: Ben Romano, Xconomy, December 14, 2012.