Israel Cleantech Ventures (ICV) and Belgium-based Capricorn Venture Partners have co-invested US$6m in flame retardant plastic manufacturer, FRX Polymers.
The series A financing will fund FRX’s products that are currently targeting markets as polymeric flame retardant additives and as flame retardant engineering plastics.
Jack Levy, partner at ICV said: “FRX represents a compelling investment opportunity for us. There is a clear global market demand for the company’s green flame retardant plastics and we believe that FRX’s products will play an important role in redefining a part of the US$15bn flame retardant plastics industry.”
Founded in 2007, FRX Polymers have over 20 partnership agreements in place with global plastics manufacturers. The Massachusetts-headquartered company’s mission is to commercialise a family of non-halogen, transparent, high melt flowing, fire resistant plastics.