Natural resources and sustainable energy firm Buscar Company has acquired a 50% stake in hemp-based bioplastics company Terramer, PR Newswire reported.
Part of Buscar’s diversification strategy, the acquisition combined the holding company’s expertise in resource development with advanced green technology to address the global plastic pollution crisis, the 11 April report said.
Terramer has developed TERBO-100, a hemp-based bioplastic that is 100% biodegradable within 180 days and leaves no microplastic residue.
The company’s production facility in Los Angeles, California, has a 300M pounds (136,000 tonnes)/year of capacity and it has secured US$6.8M in agreed purchase orders and over US$80M in signed letters of intent (LOIs) from major household brands to date, the report said.
As part of the partnership, Buscar and Terramer would scale up the development and commercialisation of TERBO-1000, to produce scalable, compostable plastics for various industries including packaging, food service, automotive and construction, PR Newswire wrote.
“By combining Terramer’s bioplastic technology with our financial and operational strengths, we’re positioned to lead the charge in eliminating microplastic pollution,” Buscar Company CEO and chairman Alexander Dekhtyar was quoted as saying.
Key initiatives of the partnership include the development of custom formulations using AI technology and the exploration of carbon credit opportunities from TERBO-1000’s lifecycle emissions reductions, the report said.
