Plastics company in the US, MicroGREEN Polymers has announced that the Stillaguamish Tribe of Indians has invested $5m in the company, which is the first closing in a $20m round.
The investment will allow the company to expand its commercial production capabilities in order to produce a range of environmentally-friendly cups and trays for consumer use.
According to the company, the Stillaguamish Tribe will also use its cups in their Angel of the Winds Casino and other businesses.
By using Ad-air technology, the company will create its own InCycle brand of insulating and temperature resistant cups, trays and other items that are made from expanded, recycled PET.
MicroGREEN Polymers president and chief executive officer Tom Malone said the Stillaguamish Tribe will serve investors as well as a customer.
"Our sustainability ethos resonated with the Stillaguamish Tribe, and while we have investment from venture capital and corporate strategic funds, including Waste Management and WRF Capital, we have refocused our funding efforts toward other like-minded Tribes," Malone said.
