Cereplast, Inc. (OTCBB:CERP), a manufacturer of proprietary bio-based plastics, has received $14.5 million in capital through a private placement of common stock from a group of leading “green” institutional funds, including UBS Global Innovator Fund, Swisscanto Green Invest Fund, Fortis L Fund Equity Environmental Sustainability World, and Credit Suisse Future Energy Fund.
Cereplast plans to use the proceeds for capital investments in equipment to expand manufacturing and logistical operations, to commercialize a new family of bio-based resins with applications, and to fund working capital needs.
About Cereplast
Cereplast, Inc. designs and manufactures proprietary bio-based, renewable plastics which are used as substitutes for petroleum-based plastics in all major converting processes – such as injection molding, thermoforming, blow molding and extrusions – at a pricing structure that is competitive with petroleum based plastics. Cereplast’s uniquely formulated resins are certified biodegradable and compostable by BPI (Biodegradable Products Institute).
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