Australian company Uluu has raised AU$16 million in Series A funding to scale its biodegradable seaweed-based alternative to plastic. The funding will allow Uluu to increase production from a 100kg/year pilot facility to a 10-tonne/year demonstration plant in Western Australia, with plans for a commercial-scale facility in the future. Uluu's materials perform like conventional plastics but have the added benefit of being reusable, recyclable, home compostable, and marine biodegradable, potentially reducing global CO₂ emissions by more than two gigatonnes per year.

Uluu is already collaborating with partners in the cosmetics, fashion, and automotive industries, including campaigns with brands like Quiksilver, Papinelle, and Audi. The company's technology has the potential to compete with and replace fossil plastics, making it a promising solution for sustainable packaging and materials. Co-founder and co-CEO Michael Kingsbury expressed excitement about taking the next step in delivering meaningful volumes of their materials to customers, emphasizing the importance of scaling up to make a significant impact on reducing CO₂ emissions worldwide.