The investment is an extension of the recently announced Series B round with a goal to accelerate the expansion of TripleW’s lactic acid technology, by transforming existing waste management facilities in Europe and the US.
Tal Shapira, CEO, said:
"We are excited to welcome GS onboard through our Series B funding. From the outset, we've found a shared commitment with GS to address critical issues of sustainability and climate change. Having GS as partners in this journey supports our mission to mitigate the effects of climate change by decarbonizing food and plastic waste on a massive scale."
GS commented: “We're thrilled to participate in this Series B funding round and become a part of TripleW. At GS Group, our main objective is sustainable growth, and we're actively seeking investment and business opportunities in the sustainability sector. We see TripleW as an ideal partner that not only contributes to our environment and society but also aligns with our long-term goals.”
About GS:
GS Group is one of the largest diversified conglomerates in South Korea with USD 63 bn. of total assets and USD 72 bn of consolidated revenues in 2022. GS has three main business sectors: Energy & Power, Retail & Service, Construction & Infrastructure. GS Holdings’ main mission is to foster the sustained expansion of its core businesses while nurturing fresh avenues for growth through open innovation, venture investments, partnerships, and M&A
GS Ventures is a wholly owned subsidiary of GS Holdings in South Korea and serves as the Corporate Venture Capital arm of the GS Group. It invests in promising early-stage startups within areas designated by the GS Group as future business domains, such as Climate-Tech, Circular Economy, and Industrial Bio.
About TripleW and the company’s industrial bioprocess:
TripleW transforms existing waste management infrastructure, reducing the environmental burden and providing new revenue streams and profits for waste management stakeholders, without the need to build completely new infrastructure.
TripleW’s lactic acid and PLA bioplastic is made from 100% food waste and provides a low cost, versatile alternative to fossil-based materials, without the need for green premiums. The food waste is fermented using microorganisms that produce the lactic acid product, then separated via several purification steps.
Another major advantage of TripleW’s technology is the ease of utilizing post-consumer compostable bioplastic waste as feedstock for production of more lactic acid, further closing the loop.
The company is developing several full-scale upgrade projects around the world with tier 1 waste management companies.
TripleW was founded in 2016 by Amir Oranim and Tal Shapira with 26 employees across its R&D center in Israel and an industrial demonstration facility in Belgium.
The company previously raised $35m including major grants from the EU’s Horizon 2020 Program with the Waste2Func consortium, Flanders Innovation & Entrepreneurship (VLAIO, Belgium), Israel Innovation Authority and the BIRD Foundation (US).
Please follow our LinkedIn page for updates and open positions.
https://www.linkedin.com/company/triplew-ltd/
Series B investment announcement:
