USA: Cereplast secures 5 million US$ in growth capital

Cereplast, Inc., a leading manufacturer of proprietary bio-based, compostable and sustainable plastics, announced that it has secured 5 million US$ in growth capital from Horizon Technology Finance Corporation to support the company’s exponential growth and expansion. The investment capital will be used for the purchase of additional raw materials and working capital needed to meet rapidly increasing global demand for Cereplast resin, Cereplast reports.

“We are excited to partner with Horizon Technology Finance who recognizes Cereplast’s value and enormous growth potential as the global market for bioplastics soars,” said Frederic Scheer, Chairman and CEO of Cereplast. “We have reached a critical inflection point as we are now in a position to support aggressive growth and expansion while simultaneously having the ability to handle a critical mass of demand. I am confident that Cereplast will see further accomplishments in the first quarter of 2011 as we continue to forge forward with expanding current contracts and securing new agreements from product distributors and manufacturers across the globe.” 
 

Cereplast, Inc. designs and manufactures proprietary bio-based, sustainable plastics which are used as substitutes for petroleum-based plastics in all major converting processes - such as injection molding, thermoforming, blow molding and extrusions - at a pricing structure that is competitive with petroleum-based plastics. On the cutting-edge of bio-based plastic material development, Cereplast now offers resins to meet a variety of customer demands. Cereplast Compostables Resins are ideally suited for single use applications where high bio-based content and compostability are advantageous, especially in the food service industry. Cereplast Sustainables Resins combine high bio-based content with the durability and endurance of traditional plastic, making them ideal for applications in industries such as automotive, consumer electronics and packaging. (Picture: Frederic Scheer, Chairman and CEO of Cereplast, with one of Cereplast's products, outside of the NASDAQ after ringing the opening bell)
 

Cereplast