Earth Renewable Technologies Inc. has raised $2.7 million in a private equity offering, according to a filing Wednesday with the Securities and Exchange Commission.
The company intends to raise a total of $4 million, with $1.27 million remaining to be sold. It has currently raised the money through seven investors. It declined to disclose what it intends to do with the funds.
Earth Renewable Technologies manufactures plant-based alternatives to traditional plastic packaging. Its patent-pending microfiber additives and specialty compounds increase elongation, performance and durability of products.
Ric Scalzo, chief executive officer of Earth Renewable Technologies, originally founded the company to refine his Earth Bottle product.
The Earth Bottle was an effort by Scalzo’s herb business, Gaia Herbs, and the Clemson University Institute for Neutraceutical Research to produce a plant-based and biodegradable bottle that is significantly lighter than glass.
Founded in 2009, Earth Renewable Technologies strives to create a sustainable and 100 percent plant- and mineral-based bioplastic.
Companies such as Earth Renewable Technologies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
The filing can be found here.