British start-up Polymateria, the creator of the world's first biodegradable and recyclable plastic, will supply its revolutionary products to the electric racing series Extreme E, which kicks off in Saudi Arabia next month.
Cups and food packaging made from Polymateria’s thin, flexible polyethylene plastic will be used by the 10 teams competing at motorsport's newest form of green racing, which starts in Al Ula on April 3.
Unfortunately, 32% of the plastic produced in the world each year winds up in the natural environment.
Polymateria’s revolutionary Biotransformation technology means its products can either be recycled after the races or biodegrade naturally if they are discarded accidentally in the desert, helping to tackle the growing issue of global plastic pollution.
Niall Dunne, chief executive of Polymateria, said he was looking forward to working with Extreme E on turning the tide on the plastic pollution endemic.
“Unfortunately, 32 per cent of the plastic produced in the world each year winds up in the natural environment,” Mr Dunne told The National.
“If left unchecked, four billion tonnes of plastic pollution will enter our land and oceans by 2050.”
The company found that the majority of the plastic discarded across the world comprises of polyolefins that are produced mainly from oil and natural gas and can take up to 450 years to decompose.
“So, that’s the polypropylene cups you drink your coffee out of or the polyethylene shopping bags you bring your shopping home in,” Mr Dunne said.
The company focused on redesigning those materials at the point of manufacture, biologically and chemically altering the structure to ensure it disintegrates in nature and does not leave behind microplastics – tiny fragments less than 5 millimetres long that are harmful to the environment and the health of animals.
The technology means Polymateria’s plastic breaks down into a harmless sludge or wax when left out in the open air.
“To make that wax attractive to nature, the company uses a prebiotic to trigger the microbes, the bacteria and the fungi that exist in the natural environment to then digest it,” Mr Dunne said.
“So polyethylene we can get back [to nature] in 226 days, and polypropylene, that's your more rigid cup type containers, we can get that back in 326 days at ISO accredited independent laboratories.”
The company’s scientists can control the time it takes for biodegradation, delaying the process depending on how long the product needs to be used.
In the same way supermarket food has a use-by date, Polymateria’s products have an “expiry” date as to when the biodegradation process begins, which can be predicted down to the exact month.
“What we’ve pioneered in order to ensure responsible disposal, is to communicate to the consumer on the pack a recycle-by date – or dispose-by date if, for whatever reason, those materials can't be recycled,” Mr Dunne said.
“That can be any time from six months to three years. We can predict exactly when it becomes active ... and that's why it's so scalable.”
Polymateria was set up in 2015 by Jonathan Seiff – whose great-grandfather Michael Marks founded the British department store Marks & Spencer – and his business partner Lee-Davy Martin, after the pair spotted a gap in the market.
While other biodegradable or compostable plastics exist, they are not always suitable for conventional recycling because they do not break down in the same way as conventional plastic.
The duo set about creating the technology for Polymateria's product, using the knowledge of Dr Chris Wallis who remains the company’s head of innovations.
"They realised that the challenge facing the industry was to develop innovation that was more credible and science-based than anything else before, and also scalable,” said Mr Dunne.
“The size of the plastic pollution pandemic is staggering but they needed something that could scale and work at the level of the problem that we're actually facing, and come up with something that wasn't just going to be a niche innovation.”
The company completed a £15 million ($20.8m) Series A funding round in January last year, which valued the company at £110m, with Planet First Partners the lead investor.
Investors are attracted to the company’s credibility; its products are independently proven to be recyclable and biodegradable in the natural environment in tests carried out by the ISO-accredited Impact Solutions, a British company specialising in plastics expertise.
The funds raised last year allowed Polymateria to expand its global footprint, as well as the laboratories at its west London base.
It is also ramping up the products it supplies to supermarkets in the UK, such as disposable cups, food storage bags and packaging.
In one of its more recent tie-ups, Polymateria was signed by fashion brand Pour les Femmes, founded by American House of Cards actress Robin Wright. The fashion house will use the plastic for all its clothing deliveries to customers and shops.
The latest deal with Extreme E’s global X Prix events is another step forward for the brand, which is also looking at producing biodegradable face masks for the race series in the future.
Collaborating with Extreme E seems a natural fit for Polymateria. The radical new racing series will see electric SUVs competing in extreme environments already damaged or affected by climate and environmental issues.
The five-race event, which debuts in Saudi Arabia on April 3 featuring 20 drivers, will highlight the effects of climate change and human interference on a range of ecosystems in some of the world’s most remote locations.
While in Al Ula, the tour will shine the spotlight on desertification, before speeding on to Senegal, Greenland, Brazil and Argentina.
To minimise its effect on the natural environment, the races are not open to spectators, with fans instead invited to follow the action through a live TV broadcast, and on social media.
Alejandro Agag, chief executive of Extreme E, said the race series teamed up with Polymateria to help drive global awareness of solutions for plastic pollution while reducing its own environmental footprint at the same time.
Environmentally conscious investor Nico Rosberg, a Formula One world champion and founder of the Rosberg X Racing team which will compete in Extreme E, said Polymateria’s concept “is exactly the sort of cutting-edge innovation the world needs, backed up by robust standards and scientific evidence”.
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
A cryptocurrency primer for beginners
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Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
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4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
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7.40pm: Straight No Chaser
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SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
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Director: Hasan Hadi
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Rating: 4/5
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Emergency
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
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Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.