21 Jan PLUSfoam Raises Capital for U.S. Factory
PLUSfoam Compound Technologies LLC, which has helped Patagonia, Vans, New Balance and Manduka launch recyclable sandals and other footwear, has raised capital from two strategic partners to expand its manufacturing both abroad and in the United States.
The California-based Certified B Corporation said it has raised an undisclosed sum of capital from Acorn Innovestments and the Noël Group LLC as part of a strategic partnership that aims to help supercharge PLUSfoam’s US-based manufacturing launch to service growing domestic production demands. PLUSfoam will use the funds to expand its international manufacturing footprint and to construct new facilities in the United States.
“We are extremely excited about this partnership with Acorn and the Noël Group and the shared vision we have for PLUSfoam’s next phase of growth,” said Jason Stanson, co-founder and COO of PLUSfoam. “Their investment provides the resources necessary to expand our material offerings, build our new manufacturing facilities and accelerate the company’s next generation research and development efforts.”
“PLUSfoam’s material technology has a wide range of applications and we look forward to propelling the material’s adoption into new markets,” said Michael Noël, Founding Partner of Acorn, Board Member of Noël Group, and Vice President of Business Development for Nomaco, a Noël Group company. “We are especially excited about partnering with PLUSfoam to launch new US-based manufacturing, creating more jobs here in the United States and servicing the growing demand for domestic manufacturing.”
Over the past year, PLUSfoam has experienced solid growth and positive results:
Tens of thousands of pounds of waste diverted from landfills
Growth of global reclaim/recycling platform with eight reclaim centers worldwide
Millions of products out in the world
Major brand partner additions, such as Magnum/Hi-Tec, Marks and Bern
Demand for PLUSfoam’s materials continues to grow as major branded consumer products companies look to provide sustainable state-of-the-art goods. PLUSfoam provides the solution by custom compounding unique, 100% recyclable formulations for each customer, something that no other materials company is currently offering. By scaling its manufacturing efforts, PLUSfoam will be able to meet the expanding demand for its materials.
PLUSfoam was established in 2007 to create a new standard in materials manufacturing. Since its inception, the company has been eliminating manufacturing waste and diverting post-consumer goods from landfills, waterways and incinerators around the world. PLUSfoam, often used to replace traditional foams, plastics and rubber, is derived from a proprietary set of compounds allowing its customers to create sustainable products without having to sacrifice performance. PLUSfoam’s custom compounded materials are used in products across many sectors, including action/outdoor sports, military, aerospace and fashion.
PLUSfoam provides 100% recyclable performance materials engineered to replace traditional foams, rubbers and plastics. All PLUSfoam products are custom compounded to meet demanding performance requirements, such as reduced weight, enhanced rebound and superior impact performance. In addition, PLUSfoam is Prop 65 and REACH compliant. Its closed-cell compounds are also naturally non-microbial. In 2014, PLUSfoam was the first materials supplier to become a Certified B Corporation.
With traditional materials, post-manufacturing scrap is incinerated or pushed into landfill. With PLUSfoam, all scrap is recycled at the factory level and is immediately used to produce more material. The consumer reclaim platform allows for products made with PLUSfoam components to be recycled into more products.
Acorn Innovestments offers corporate partnerships and capital investment to its portfolio of companies through its White Oak Innovestment Fund. Acorn’s founding partners believe that in the right environment and with the proper nurturing, acorns can grow into mighty oaks. Acorn’s mission is to find acorns (young companies) that can benefit from the environment and nurturing the firm provides, helping them reach maturity (mighty oaks).
Acorn is focused on innovative businesses where its past experiences and networks can help grow the organizations with increased speed and stability. Acorn is well positioned to use its network and expertise in manufacturing and materials to advance new innovations and young companies that are focused on solving current and future environmental issues. The partners of Acorn bring more than thirty years of experience in entrepreneurial manufacturing, business development and corporate finance to its portfolio, with deep roots in a vast network of well established enterprises
Noël Group, LLC is a privately-owned industrial management company located in Zebulon, NC that invests, leads and strategically manages manufacturing companies that participate in the transformation of engineered synthetic materials. For more than 40 years, the Group has been guided by a passion to create new markets, foster innovation and achieve market leadership.
Today, Noël Group businesses serve the home furnishings, construction, mechanical insulation, wine closure, automotive, aquatic leisure and other OEM markets. Noël Group’s vision, management attitude, entrepreneurial culture, ingenuity and operational expertise, enable its companies to strive for market leadership. Offering its business entities operating autonomy, strategic support and ongoing capital investment, the Group enables its management teams to thrive in and lead their respective industries.