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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/06\/22\/kubik\/<\/a><\/br> The amount of plastic waste produced globally is on track to triple<\/a> to over 1,000 million tons by 2060. The Organisation for Economic Co-operation and Development (OECD) report<\/a> predicts that developed countries will continue to produce the most plastic waste per person, although emerging regions like Africa and Asia are expected to experience the fastest growth owing to rapid population growth and urbanization.<\/p>\n Plastic pollution is already a menace said to be altering environments and endangering lives, but there is a glimmer of hope<\/a> as the share of recycled plastic is expected to nearly double over the same period to 17% as plastic going through waste management systems increases.<\/p>\n In Africa, Kubik<\/a>, an upcycling startup with operations in Kenya and Ethiopia, is among the companies that are leading plastic waste reuse and sustainability efforts in the continent\u2019s nascent recycling sector, which currently salvages only 4%<\/a>\u00a0of the waste produced.<\/p>\n The startup turns hard-to-recycle plastic waste (polyethylene, polypropylene, and polystyrene) into affordable building materials, removing 45,000 kg of plastic waste from landfills every day. The startup is now planning to double down on the production of building materials in Ethiopia before scaling to other countries within Africa, against the backdrop of a recently closed $3.34 million seed funding round.<\/p>\n Founded by Kidus Asfaw<\/a> and Penda Marre<\/a> in 2021, Kubik plans to scale production at its plant in Ethiopia later this year, saying it has the capacity to build over a quarter million square meters of wall surface area every year.<\/p>\n \u201cThis can build anywhere up to 10,000 affordable homes per year, for example. Speaking of affordable housing, there is a 300M+ deficit of housing units globally that are considered affordable to the poor. This is a $2T+ market we have an opportunity to address, and we are just getting started,\u201d said Asfaw, the CEO of the company, which won Startup of the Year<\/a> at the 2023 Global Startup Awards and was declared the leading climate tech startup<\/a> in Africa at last week\u2019s VivaTech conference.<\/p>\n Investors that took part in the round include Plug and Play, Bestseller Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, Kazana Fund, Princeton Alumni Angels, and Andav Capital.<\/p>\n \u201cWe are thrilled to invest and partner with Kubik on their transformative journey. Their purpose-driven vision, exceptional team, and unique business model \u2014 combining positive social impact, circular economy, and low-carbon construction \u2014 positions Kubik as a scalable and sustainable solution to Africa\u2019s most pressing challenges,\u201d said climate tech VC Satgana co-founder Romain Diaz.<\/p>\n Kubik develops interlocking building materials, which include bricks, columns, beams and jambs, allowing developers to erect walls without the need for cement, aggregates, and steel. Asfaw says this does not compromise the building\u2019s integrity and that the strength of walls built with its products is at par with cement-based walls.<\/p>\n He added that Kubik\u2019s products cost at least 40% less per square meter and have chemical properties that make them safe, anti-flammable and nondegradable. Besides, he says, these products are low carbon, with a greenhouse gas emission of \u201cat least 5x less than cement-based products.\u201d<\/p>\n Asfaw says the materials\u2019 affordability can play a role in bridging the current housing deficit that is partly driven by a growing urban population and hefty costs of construction. The startup is driving this change even as global appeals continue for governments to introduce policies that lessen plastic waste and encourage a more circular use of the plastics.<\/p>\n \u201cThe world is urbanizing dramatically fast today, and cities are feeling the burden of unmanaged plastic waste, unaffordable living conditions (especially in housing), and the impact of climate change. Our company plays a role in addressing all three of these challenges through a lower-carbon, lower-cost building solution that removes plastic waste from the environment. We believe this is why there is a lot of excitement in our company and its mission,\u201d said Asfaw.<\/p>\n \u201cWe have a product that is transforming how we build sustainably and more affordably, and we see ourselves becoming a company that will continue to drive technology into the materials used for decarbonizing the built environment faster.\u201d<\/p>\n<\/p><\/div>\n <\/br><\/br><\/br><\/p>\n
\nPlastic upcycling startup Kubik closes $3.34M seed to scale production in Ethiopia<\/br>
\n2023-06-22 22:15:27<\/br><\/p>\n