Cereplast Raises Approximately $20 Million in New Equity Capital
Cereplast, Inc. , manufacturer of proprietary bio-based renewable plastics, announced recently that it has received $3.4 million in new capital through the sale of common stock.
The infusion of new funding will not only support Cereplast’s growth but also allow the Company to continue to successfully introduce additional bio-based resins to the market. Mr. Frederic Scheer, CEO of Cereplast, stated, “We have been very pleased with the rapid pace of our growth since the commercial launch of our proprietary bio-based resin in the 4th Quarter of 2006. This capital infusion provides Cereplast with the additional capital needed to support this growth”.
This new capital also expands the breadth of Cereplast’s shareholders to include two large European institutional fund managers. One of the lead investors, Swisscanto, is one of Europe ’s largest fund managers with over CHF 61.8 billion ($51.0 billion) under management. As part of its investment, Swisscanto has added Cereplast to its Equity Fund Climate Invest, which invests in public companies with environmentally and economically sound platforms in renewable energy and water.
Stephan Garden, Senior Vice President of Cereplast, added, “We are very pleased to be able to increase our shareholder base and to welcome a number of prominent European institutional investors as shareholders of Cereplast.”
Cereplast, Inc. designs and manufactures proprietary bio-based, renewable 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. Cereplast’s uniquely formulated resins are certified biodegradable and compost able by BPI (Biodegradable Products Institute).
Cereplast, Inc., recently announced that it has received an additional $14.5 million in new capital through a private placement of common stock from a group of leading “green” institutional funds, including UBS Global Innovator Fund, Swisscanto Green Invest Fund, Fortis L Fund Equity Environmental Sustainability World, and Credit Suisse Future Energy Fund.
Cereplast intends to use the proceeds from the private placement to make capital investments in equipment to expand manufacturing and logistical operations, to commercialize a new family of bio-based resins with applications outside of the foodservice ware and packaging industry and to fund working capital needs, including manufacturing, sales, marketing, research and development.
For more information, please visit www.cereplast.com