Samsara Eco raises US$65 million to expand plastic-eating enzyme technology in Southeast Asia
By Liam Taylor 23 July 2024
The company has secured substantial funding from investors to scale up its revolutionary enzyme technology that can recycle plastics without sorting.
Samsara Eco, an Australian company specialising in plastic-eating enzymes capable of recycling materials otherwise destined for landfills, has successfully raised approximately US$65 million in its latest funding round. Among the backers are yoga-wear brand Lululemon, contributing to the company's efforts to advance circular economy practices in Australia.
Samsara Eco, founded in 2020, utilises artificial intelligence to develop innovative enzymes capable of breaking down commonly used plastics. The company plans to deploy the capital raised to establish commercial facilities in Southeast Asia. The funding round, which concluded this month, secured investments from prominent entities including Singapore's state-investment company Temasek, Hitachi's venture-capital arm, and Lululemon. Notably, Lululemon recently introduced a jacket made from Samsara Eco's recycled polyester.
The core technology of Samsara Eco focuses on optimising enzymes to decompose plastics like textiles and packaging into their original building blocks, known as monomers. These monomers can then be utilised to produce new plastics without any loss in quality, enabling what the company terms as infinite recycling.
The latest funding is expected to facilitate the development of two major recycling facilities—one for nylon and another for polyester. These facilities, expected to commence commercial operations by early 2027, will be established as 50-50 joint ventures with leading plastic polymerisation companies, although specific partners remain undisclosed due to confidentiality agreements.
"Our partners are eager to expedite our entry into the market," said Paul Riley, Chief Executive of Samsara Eco, highlighting the accelerated commercialisation enabled by the recent capital raise.
"This marks a significant turning point for our business, providing the financial platform to accelerate our operations and collaborate closely with partners to bring our technology to market."
Samsara Eco's approach stands out in its ability to process mixed plastics without requiring prior sorting, distinguishing it from conventional recycling methods. The company cultivates its proprietary enzymes in a yeast medium and employs them in stainless-steel vats to break down polymer chains within plastics. The resulting monomers are separated and collected for drying, subsequently sold for use in manufacturing new products.
Yogendra Dandapure, Vice President of Raw Materials Innovation at Lululemon, expressed the brand's commitment to scaling these technologies across its entire supply chain, underscoring the strategic alignment with Samsara Eco's vision for sustainable textile waste management.
Prior to joining Planet Ark Liam spent his time studying global environmental issues, travelling Southeast Asia on the cheap and working for a sustainable property management company in Bali, Indonesia. Joining the communications team at Planet Ark, he hopes to inspire positive environmental behaviour through effective and positive messaging.
