04 Apr 2024 --- Bioplastics manufacturer Gaia Biomaterials has concluded a US$5 million rights issue backed by Almi Invest Greentech and international and domestic private investors. The funds will be used to expand Gaia’s market presence in the US, India and elsewhere. The Sweden-based company’s home-compostable material, Biodolomer, is based on limestone, which is a broadly available mineral. Biodolomer can replace fossil plastic for various applications such as drinking cups and grocery bags. It is fully compostable, has a low carbon footprint and does not break down into microplastics during the composting process. Peter Stenström, Gaia Biomaterial’s CEO, tells Packaging Insights that the team has been working on the issue for six months and is now bringing in partners from the industry and a government investment fund.
