The startups will focus their efforts on disrupting the plastics, energy storage, and recycling value chains. The Circularity Challenge is supported by Stanley Black & Decker, a BASF customer.
Nearly 100 startups from more than 20 countries applied to the Circularity Challenge.
After a highly-competitive recruitment and deliberation process, five companies were selected to participate in the accelerator program:
- Corumat, based in California, is a materials science company on a mission to eliminate plastic waste and fight climate change. Corumat uses materials science to micro-engineer bioplastics to make lighter, stronger, cheaper products;
- Nexus Fuels, based in Georgia, is an operational, commercially-scaled 50 ton/day plant converting waste plastics to feedstocks, which in turn can be converted back to virgin plastics through molecular recycling;
- Circularise, based in The Hague, Netherlands, is a blockchain transparency solution with a patent-pending “smart questioning” technology that guarantees proof of sustainability, circular economy, and recycling practices for brands and manufacturers that aim for high sustainability standards and want to avoid greenwashing;
- Interface Polymers, based in Loughborough, England, is working to become the global leader in compatibility and surface functionality solutions for the polyolefin industry. Its Polarfin additives offer the plastics industry worldwide the ability to transform performance and cost competitiveness in any market application where interfacial compatibility or surface properties are important;
- American Battery Metals Corporation, based in Nevada, is an American-owned company that is meeting the global battery metals supply chain challenges with innovative, environmentally-sustainable solutions. The company’s vertical strategies leverage its exploration and mining operations with self-supporting extraction and battery recycling divisions.
The Circularity Challenge is focused on connecting entrepreneurs with mentors, team members, business and technical resources they need to launch or further develop successful ventures with partnership from BASF and support from Stanley Black & Decker.
“We know the circular economy will make an enormous impact not only on the environment but also on value chains, economic growth and the deployment of new innovations,” said Emily Reichert, CEO of Greentown Labs. “We were inspired to see great applications from almost 100 entrepreneurs from around the world and we are excited to support these five selected companies as they progress throughout the program and work alongside experts from BASF.”
All participants in the program will receive:
- $25,000 in non-dilutive grant funding;
- Acceptance into Greentown Launch, a six-month accelerator program for startups at Greentown Labs;
- Partnership with and/or potential investment from BASF by the end of the program;
- Access to select BASF testing capabilities, global technical facilities and expertise;
- Exclusive access to the Greentown Labs and BASF networks;
- Desk space at the Greentown Labs Global Center for Cleantech Innovation;
- Potential access to BASF-sponsored bench in Greentown’s wet lab;
- Potential for joint ISO-standardized eco-efficiency analysis with BASF;
- Opportunity to connect with multiple stakeholders across industries, including BASF customer and special program affiliate Stanley Black & Decker