Newlight Technologies, an Irvine-based company that says it can convert methane-based emissions into plastic in a cost-effective way, has raised $9.2 million in a recent fundraising round, the company has reported.
With this financial infusion, Newlight has locked in a total of $18.8 million in capital, according to the privately held clean-tech business.
The investors in this funding round were not named, although it has been reported that attorneys, wealthy foreigners and those who back “green” firms are among Newlight’s supporters.
The 10-year-old company makes AirCarbon, plastic pellets produced through a proprietary process that involves methane-based emissions from landfills and dairy farms.
Co-founder and Chief Executive Mark Herrema said the pellets can be used to make things such as mobile-phone cases and chairs. The manufacturer signed a deal with Virgin Mobile to produce mobile-phone cases with AirCarbon and hopes to enter other industries, from electronics to apparel.
The new injection of money will be used to increase the production of AirCarbon, said Herrema in a prepared statement.
“This funding reinforces the strength of our market position … and will allow Newlight to reach its next phase of commercialization objectives,” he said.
Bioplastic production is not new. However, Newlight claims it has come up with a patented process that can pull off the conversion in a way that’s more cost-effective than existing methods.
– Lily Leung
On the move
Frank Buratti has joined JetSuite, a private jet charter company in Irvine, as vice president of technical and system operations. He was previously director of system operations at JetBlue Airways.
RealtyTrac, an Irvine seller of real estate data, hired Brian Mushaney as executive vice president of data solutions. He heads up a new business unit that licenses tax, deed and mortgage data. The company’s focus thus far has been foreclosure data. Mushaney previously worked at X1 Analytics as senior vice president .
Dan Pingaro has been appointed executive director at Laguna Beach Community Foundation, a nonprofit that encourages philanthropy in the greater Laguna Beach community. He was previously chief executive at Sailors for the Sea in Newport, R.I.
Stream Realty Partners, a real estate leasing and management firm in Irvine, added Tommy Nelson as vice president, focusing on landlord office representation in central and southern Orange County. Nelson was previously vice president in Stream Realty’s Dallas office.
New ventures
American Restaurant Holdings Inc., an Irvine company that acquires fast casual and casual dining establishments, purchased Canyon Fireside Grille for an undisclosed amount. The restaurant serves “classic American cuisine” at 22312 El Paseo in Rancho Santa Margarita.
US Storage Centers, an Irvine operator of self-storage facilities, has partnered with Iron Gate Storage in Vancouver, Wash., to form Westport NW Management LLC, a joint venture to develop and acquire storage facilities in Oregon and Washington. The partnership is expected to help both companies expand their third-party management services.
Daniel Michael Salon, a San Juan Capistrano hair salon, moved one block south of its previous location to a spot in the the Ortega Ranch Business Center at 31431 Rancho Viejo Road, Suite 103.
Leadership
The Festival of Arts in Laguna Beach added festival artist Kathy Jones to its board of directors. She replaces Tammie Arnold, who resigned to pursue a job opportunity in New York. Jones, a Laguna Beach resident, is a principal at The Napa Group, an organizational consulting firm based in Novato.
John Krafcik, former president and chief executive of Fountain Valley-based Hyundai Motor America, now sits on the board of directors at TrueCar, a Santa Monica-based car-buying website. He has also has joined the board’s operating committee.
Susan G. Komen Orange County, a Costa Mesa nonprofit that funds breast cancer research, has added two members to its board of directors. Joseph Stein is owner and founder of Simply Innovate LLC, a strategy consulting firm in Laguna Niguel. Robina Smith is a breast cancer surgeon at St. Jude Medical Center in Fullerton.
Cherry Murray, professor and dean of the school of engineering and applied sciences at Harvard University, has joined the board of directors at Newport Corp., a company in Irvine that sells laser equipment and optical components.
Staff writer Kathleen Luppi contributed to this report.
Contact the writer: 714-796-3589 or ksablan@ocregister.com