Hong Kong-based green material company, Ecoinno (H.K.) Limited. , focused on providing alternatives to single-use plastics, today announced the closing of a US$6 million Series A1 funding from the Alibaba Hong Kong Entrepreneurs Fund and Alibaba Taiwan Entrepreneurs Fund II.
Ecoinno will utilise these funds to begin industrial-scale production of its proprietary Green Composite Material™ (GCM™) and to strengthen its material research and engineering platform to help meet pressing consumer packaging needs, driven by tightening regulatory requirements globally, as well as increasing consumer green awareness.
Ecoinno is co-founded by CEO Mr George Chen Dah Ren and COO Ms Vivian Chang, incubated within the Hong Kong Science and Technology Park (HKSTP), and sustained with significant grant funding from the Hong Kong Innovation and Technology Commission (ITC).
Ecoinno was also awarded as one of the Top Five Winners, and the only finalist in the Smart City Cleantech segment, at the Alibaba JUMPSTARTER Global Pitch Competition 2020.
“This new funding puts us solidly on the first step towards realising our vision of creating a sustainable, circular economy by delivering GCM™ products to our environmentally- focused clients,” said George Chen Dah Ren, co-founder and CEO of Ecoinno. “We are thrilled to have both Alibaba Entrepreneurs Funds coming on board in our first institutional round, to help take the company forward. We are also very grateful to our long-standing benefactors, especially the HKSTP and the ITC”.
Ecoinno has developed a patented Green Composite Material™ (GCM™) and related processes, based 100% purely on NATURAL PLANT FIBRES – the most abundant, renewable, and naturally occurring polymer on earth. By repositioning nature’s plant fibres, GCM™ harnesses the remarkable natural attributes of plant fibres, notably: 1. 100% biodegradable in the natural environment within 75 days; 2. extreme temperature tolerance (allowing freezing and oven reheating); 3. Three times stronger than plastic and bioplastic in tensile strength; 4. Impermeable to Oxygen (extremely low transmission rate, on par with even metal); 5. Water and Oil-resistance, and most importantly, 6. Toxic free (passed FDA test).
“We were won over by the vision and passion of George, Vivian and their team, to tackle single-use plastics pollution – one of the most pressing environmental challenges globally today. We believe that the functional and commercial attributes of Ecoinno’s GCM™ products represents a paradigm shift in the Movement to Rethink Plastics,” said Mr Edward Liu, Partner of WI Harper Group, manager of Alibaba Taiwan Entrepreneurs Fund II. “We are proud and excited to be Ecoinno’s partners at this early stage of development.”
This News has been produced in partnership with PR Newswire
