Date: May 24, 2011 Source: Business Wire (
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Ecovative Design, LLC, the world leader in mycelium-based materials science, today announced that a group including 3M (through its 3M New Ventures business), Rensselaer Polytechnic Institute, and DOEN Foundation has invested in the company. This funding will be used to scale Ecovative's manufacturing operations and accelerate the development of its revolutionary, grown polymeric materials. The terms of the transaction were not disclosed.
Founded in 2007, Ecovative produces home-compostable and cost-competitive replacements for conventional petrochemical foams using mycelium, or "mushroom roots," as a self-assembling glue. The company and its co-founders, Eben Bayer (CEO) and Gavin McIntyre (Chief Scientist), have received international acclaim from sustainability organizations, businesses, and governmental agencies for their innovative technologies. Ecovative operates a pilot production facility in upstate New York, and plans to expand to new regional manufacturing facilities in the United States.
Ecovative's technology has broad applications across a variety of industries including packaging, insulation, building products, automotive, and consumer goods. The company's Mushroom® packaging, EcoCradle™, is currently used by a number of Fortune 500 clients, including Steelcase Inc. and Dell Inc. EcoCradle™ is a cost-effective replacement for conventional plastic packaging. EcoCradle™ is grown from agricultural by-products using substantially less energy than existing processes. EcoCradle™ offers the performance of traditional foams and is home-compostable, providing a much more environmentally friendly material choice.
In addition to Ecovative's co-founders, the company's newly-constituted Board of Directors includes veteran business leaders with experience in plastic foams, building materials, licensing, and manufacturing. New Board members include:
Jerry L. Weinstein, former President and Chief Executive Officer of foam plastics producer UC Industries Inc. and former President of Owens Corning's Specialty and Foam Products Division.
Richard B. Kelson, former Chief Operating Officer, Chief Financial Officer, and General Counsel of metals manufacturer Alcoa Inc.
Charles B. Deull, Executive Vice President with Clark Transfer, and former Senior Vice President and General Counsel of Scholastic Inc.
"We are thrilled to be bringing together such a great group of shareholders as we continue our mission to be both a triple bottom line business and one of this century's leaders in sustainable materials," said Eben Bayer, Chief Executive Officer of Ecovative. "This capital will allow us to expand our own manufacturing operations, while also creating new opportunities for licensing and manufacturing partnerships. We are particularly excited for the opportunity to work with 3M, a leader in innovative materials, and are looking forward to collaborating with their scientists and business units on new applications and in new industries for mycelium-based plastics."
