The seed funding will support the launch of OCEAN [link], the first of many mining decentralization projects for Bitcoin. Long-time Bitcoin Core developer and Mummolin co-founder Luke Dashjr said, “The role of mining pools must change for Bitcoin to exist as a truly decentralized currency.” Put differently, “OCEAN is a new type of pool that enables miners to be truly miners again. We are launching as the most transparent pool and also the only non-custodial pool where miners are the recipients of new block rewards directly from Bitcoin.”

“Traditional Bitcoin mining pools take exclusive custody of block rewards and transaction fees before splitting them up amongst miners. This gives them the ability to withhold payment from individual miners, whether by their own choice or by legal requirement. OCEAN‘s non custodial payouts directly to miners from the block reward remove this risk and the pool’s undue influence over miners,” added Mummolin co-founder and President Mark Artymko.

OCEAN’s Global Head of Sales, the pseudonymous Bitcoin Mechanic, said this: “The intention is to disintermediate to the greatest extent possible. Pools have become trusted third parties whose permission we have required for activating soft forks and deciding what gets into the blockchain in addition to taking custody of all newly generated coins.” “By offering transparency and a mechanism for miners to be paid directly by bitcoin itself, we make the network radically more robust. The name OCEAN intentionally contrasts with the restrictive, permissioned nature of legacy pools.”

“Our contribution to OCEAN comes out of a deep respect for their mission,” says Jack Dorsey. “I think it’s a phenomenal team. I know Luke; I’ve interacted with him for some time, and I was inspired by the vision and most importantly the execution.”

Mr. Dorsey noted, “OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear.” As part of the launch, Mr. Dorsey noted,“when I see a project that is good for Bitcoin broadly, and that‘s also good for me and my companies personally, it becomes a simple decision for me and I‘m happy to be a part of it.”

OCEAN’s first customer, Barefoot Mining, said the following via its co-founder & CEO, BobBurnett,
“In my opinion, this is the most significant new company announcement in the Bitcoin world over the past few years. The new pool will bring new features and some badly needed diversity to the mining world.”

OCEAN made its announcement from the Future of Bitcoin Mining Conference in the shadows of Barefoot Mining’s 150-year-old hydroelectric dam in rural South Carolina, completely repurposed, which has converted excess energy to Bitcoin mining at scale. OCEAN expects to launch additional phases of Bitcoin decentralization improvements and upgrades in 2024.

About OCEAN
OCEAN empowers miners to take back control of the intelligent parts of mining, and is designed to be non-custodial, transparent, and permissionless—the first of hopefully many projects of its parent company Mummolin, Inc., a Wyoming corporation, and a successor to the Eligius Bitcoinmining pool which operated from 2011-2017. Learn more at www.ocean.xyz and follow us on X@ocean_mining.

SOURCE Mummolin Inc

PRAGUE, Nov. 28, 2023 — Vrgineers, a US-Czech company, has announced a Series A investment of 6 mil. USD that promises to accelerate the company’s growth.

We are thrilled to announce that Vrgineers has secured an impressive investment of 6 million dollars, led by Taiwania Capital. This investment is a testament to our vision and shared commitment to driving transformative change within the technological industry. We are proud to be the first company in the Czech Republic to receive investment from Taiwania Capital. What’s more, our current investors, have also participated in this round, with Nation 1 increasing its share by 0.5 million USD.

Mitch Yang, Managing Partner of CEE Fund at Taiwania Capital

“We are impressed by how Vrgineers integrated the most advanced VR/MR headsets with cutting-edge flight simulation software to deliver uniquely positioned pilot training simulators. The Vrgineers’ systems offer a fully immersive training experience with improved quality that is also very cost-effective. Although its first application is for aviation, the company’s technology could be used in industries where training for heavy equipment operation is essential.  This is our first investment in the Czech Republic.  We look forward to working closely with Vrgineers and to connect them with Taiwan’s aerospace industry as they enter the phase of rapid growth.”

Marek Polcak, Vrgineers CEO

“We are proud and feel honored that Taiwania has chosen to invest strategically in our company. This investment is not just about the necessary funds to boost our activities and products, but it also brings a great deal of overlap. This strategic investment has connected us with the leaders in the electronics development and manufacturing industry. With this connection, we can now improve our technology to the highest level possible.”

Marek Moravec, Nation 1 Managing Partner

“We have a strong belief in the success of Vrgineers and all the other companies in our portfolio. We are fully committed to supporting them in their growth and providing the necessary resources for their success. Our goal is to help these companies achieve their full potential and make a positive impact in their respective industries. “

With the newly acquired investment, Vrgineers plans to expand its product portfolio with the announcement of a new version of the XTAL headset later this year and secure growth in new markets.

SOURCE Vrgineers

Software company helping contractors and engineers design, plan, and sell EV charging installation faster raises from Base10 Partners, others.

SAN FRANCISCO, Nov. 28, 2023 — Monterra, a software company automating the design and planning of EV charging installations, has raised a $2.5M Pre-Seed round. The company will leverage the funds to accelerate its work of speeding up the deployment of EV charging installations with automation and AI.

The round was led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and a handful of other angel investors, including some of Monterra’s early customers.

In the US alone, nearly 30 million EV chargers will be needed to support 33 million EVs on the road by 2030. That is 20 times the current installed base.

Monterra is building design & proposal software for EV charging installers. By using Monterra to build virtual estimates in a matter of minutes, installers reclaim many hours wasted on manual work and win more sales. Monterra also helps installers digitize the on-site data collection process with its mobile app. Since their launch in August, Monterra has onboarded a number of electrical contractors and EV charging providers onto its platform.

David Kim, CEO and co-founder at Monterra, comments:

“Electrifying transportation is a key pillar of decarbonization, and the demand for EVs is booming. Swiftly expanding charging infrastructure is crucial to keep up the pace of transition. In recent years, the industry has seen a lot of innovation across vehicle, battery, and charging technologies but not enough to support the installers, who are at the forefront of constructing and deploying charging stations. That’s where Monterra comes in – to help electricians, developers, and engineers work more efficiently, build faster, and grow their business.”

Monterra believes that software can transform how chargers are planned & installed.

“Large EV charging projects can get complex – from selecting the right conduits and wires to verifying sufficient cell signal. But, well-designed software and AI can bring down the ‘soft costs’ for these projects and drive a step-change improvement in efficiency.” noted Kelson Reiss, CPO and co-founder.

Monterra’s vision is resonating with their early customers. Brian Morales, President & CEO of ProCal, a San Diego based engineering, design & installation firm specializing in lighting, electric vehicle solutions and clean energy projects, comments:

“It’s truly impressive to witness how Monterra is revolutionizing the game for ProCal in the EV charging industry. The integration of Monterra’s toolkits equipping our salesforce is a game-changer. This efficiency boost allows us to not only handle a higher volume of proposals but also pursue a greater number of EV charging opportunities. This means we’re casting a wider net and positioning ourselves as leaders in this rapidly growing market. Moreover, the platform acts as a crucial bridge between the immense market potential and our business development team. With Monterra, our BD now have a powerful tool at their disposal to actively chase after EV charging projects. This seamless connection ensures that we’re tapping into billions of dollars worth of opportunities that might have otherwise been overlooked.”

Monterra plans to use this round of funding to grow its team and accelerate product development – to streamline installers’ workflows across different stages of EV charging projects, from initial design and planning to post-installation maintenance.

Monterra was co-founded by David Kim, who worked with utilities and energy companies to design EV charging programs, deploy smart grid infrastructure, and plan energy efficiency programs, and Kelson Reiss, who brings product and technical expertise from his work shipping software to millions of users at leading tech companies.

“With increasing consumer demand for electric vehicles, favorable regulations, and OEM commitments, the market for EV charging has been growing rapidly. We believe there is considerable opportunity to bring speed and efficiency to EV charging deployment as this market grows, and expect it to play out as it has in industries like solar,” noted Rexhi Dollaku, General Partner at Base10 Partners. “When we met David and Kelson, we were blown away by their obvious excitement for the opportunity and the space. Their tenacity and vision for the product combined with the business’s obvious fit with our Real Economy Automation focus made for a great partnership between Monterra and Base10.”

About Monterra

Monterra Technology Inc. was founded in 2022 to help EV charging installers design and plan projects faster. With Monterra, EV charging contractors speed up site walks, build virtual quotes in minutes, and automatically generate customer-ready sales proposals. Learn more at: monterra.ai.

About Base10 Partners

Founded by Adeyemi Ajao and TJ Nahigian, Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key profits and companies that are automating sectors of the Real Economy, including transportation, retail, logistics, and construction. The Advancement Initiative, Base10’s growth-stage fund, donates 50% of profits to underfunded colleges and universities to support financial aid and other key initiatives. Portfolio companies include Notion, Figma, Nubank, Nowports, Motive, Chili Piper, and Popmenu. Connect via base10.vc.

SOURCE Monterra Technology Inc.

FRISCO, Texas, Nov. 28, 2023 — California-based Plug and Play announced today it will open an office in Frisco, Texas, bringing a series of startup business accelerator programs specific to Frisco’s innovation ecosystem.

“We are so proud to launch Plug and Play Frisco in an effort to build the world’s most impactful Sportstech program. By identifying, investing, and accelerating the most promising startups, we will build a robust ecosystem of local and global stakeholders to engage with us and the rest of the community,” said Saeed Amidi, Founder and CEO of Plug and Play.

This expansion comes as a strategic partnership with the Frisco Economic Development Corporation (EDC). In October, the Frisco EDC’s Board of Directors approved a performance-based incentive agreement with Plug and Play. In the first year, Plug and Play Frisco will run a Sportstech accelerator program focused on human potential and performance. In future years, Plug and Play Frisco plans to add additional cohorts reflective of the North Texas innovation ecosystem focused on areas such as health, fintech, cybersecurity, and smart city technologies.

“As Sports City USA, Frisco is an epicenter for innovation focused on maximizing human potential and performance,” said Jason Ford, Frisco EDC President. “This collaboration with Plug and Play will attract more investors to Frisco and strengthen our partnerships across many business technology verticals that help support local employers and corporates that continue to innovate in our own backyard.” 

Frisco, one of the fastest-growing cities in the U.S. for the past decade, is now home to more than 500 tech firms, including 350 startups. Since 2020, there has been a growing demand for an innovation center in Frisco to provide services to scale startups.

“Frisco has big ambitions when it comes to fostering innovation as our goal is to be the Venture Capital Capitol of the Central U.S. by 2040,” said Frisco Mayor Jeff Cheney. “This partnership with Plug and Play directly supports that effort. The services and corporate connections Plug and Play brings to Frisco also helps bridge a gap in support for entrepreneurs in the local startup community by providing access and education to early-stage companies looking for funding and corporate involvement.”

Frisco’s partnership with Plug and Play directly aligns with the Frisco City Council’s goals. Frisco EDC has been instrumental in developing and implementing a strategy to attract venture capital and support innovation, including partnering with Plug and Play to bring their programming and platform for startups, investors, and corporate innovation to Frisco. This partnership will provide resources and support to help scale businesses in Frisco’s innovation ecosystem, bridging the gap between startups and potential partners, corporates, and investors. 

In August this year, Plug and Play announced their expansion to Cedar Park, Texas, making Frisco their second location in the state and first in North Texas. 

“We are excited at the opportunity to see our model flourish in Frisco. The foundation for their innovation ecosystem has already been built and has strong support from the public and private sector,” said Michael Olmstead, Chief Revenue Officer of Plug and Play. “Our model will serve as a multiplier and a vehicle that builds bridges to global ecosystems and creates vibrancy locally in an effort to support all stakeholder ambitions.”

With over 50 locations worldwide, Plug and Play is a global leader in bringing together an ecosystem of startups, corporations, venture capitalists, governments, and universities to drive innovation forward. Plug and Play brings their partners to the forefront of industry trends and assists them in every phase of their innovation journey. 

For more information on how to get involved with Plug and Play Frisco, please visit: pnptc.com/join.

About Plug and Play
Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we’re present in 50+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we’ve invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. For more information, visit https://www.plugandplaytechcenter.com/. 

About the Frisco EDC
The Frisco Economic Development Corporation operates as a Texas non-profit corporation and is governed by a seven-member board of directors appointed by the Frisco, Texas City Council. Our mission is to create new jobs and improve the economic opportunities and quality of life for all Frisco residents. The Frisco EDC is one of the leading public economic development agencies in the State of Texas, closing $333 million in new development, and generating more than 5,600 Frisco-based jobs from multiple fortune and tech headquarter relocations in 2022. For more information, visit FriscoEDC.com. 

Plug and Play Media Contact
Allison Romero
[email protected] 

Frisco EDC Media Contact
Emily Pollard
[email protected]

SOURCE Plug and Play

NEW YORK, Nov. 28, 2023 — LO3 Capital, a private investment firm committed to providing lower-middle market companies with transformative capital, announced today that it provided a debt and equity investment to support the acquisition of CDE Services, LLC (CDE) by Milestone Partners, a private equity firm that specializes in tec-enabled services and financial solutions.

CDE Services is a leading provider of payment processing solutions for convenience stores, grocery stores, and pharmacies. The Company announced that it has been acquired by Milestone Partners, a private equity firm that specializes in technology-enabled services and financial solutions. The acquisition is expected to enable CDE to expand its market share and product offerings in the fast-growing integrated payments space.

CDE provides merchants with fully integrated solutions that address a multitude of payment processing needs. The Company’s wide breadth of ancillary products and its proprietary technology stack offer clients a premiere service at superior pricing relative to its industry peers. The Company’s omnichannel platform capabilities offer full end-to-end support to a growing recurring revenue base of 24,000 merchants and retailers. CDE also provides customized point of sale device encryption, deployment and activation services for industry leading strategic partners.

Milestone’s acquisition of CDE was supported by a strategic capital investment from an experienced group of investors, including LO3 Capital, Tecum and Navigate Capital.

Joe Cohane, CEO of CDE said: “Given Milestone’s targeted sector focus on financial technology companies, we are confident that together we will rapidly grow through providing superior merchant payment solutions to our valued customers.”

“CDE and its management team have a proven ability to develop and implement industry leading payment solutions. We are excited to partner with Milestone and CDE as they continue to expand their product offerings and market share during this next phase of growth and innovation” – said Glenn Harrison, LO3’s managing partner.

About LO3 Capital
LO3 Capital is a minority owned private investment firm committed to helping lower-middle market companies grow. The firm has offices in Nashville, New York and Dallas and targets business with over $3 million of EBITDA across a variety of industries. LO3 Capital partners with management teams, business owners, and private equity firms to finance organic growth, acquisitions, recapitalizations, and ownership transitions. LO3 Capital was previously a division of Live Oak Growth Capital and continues to manage the Live Oak Growth Capital funds. For more information, please visit lo3capital.com.

SOURCE LO3 Capital LLC

FORT WASHINGTON, Pa., Nov. 28, 2023 — Patriot Growth Insurance Services, LLC (Patriot), one of the nation’s largest and fastest-growing insurance agencies, announces it has secured a new $500 million round of financing to support its aggressive organic growth and acquisition strategy. The additional capital raised represents a significant expansion of Patriot’s existing debt facility. The raise was led by Golub Capital and jointly arranged by Antares Capital, both existing lenders to Patriot.

Founded in 2019 by Chairman and CEO Matt Gardner and backed by private equity firms GI Partners and Summit Partners, Patriot is based in Fort Washington, Penn., and was recently ranked as the 26th largest insurance broker in the United States by Business Insurance magazine. Patriot has differentiated itself in an intensely competitive marketplace through its unique and highly entrepreneurial operating model, partnering exclusively with thriving, high-growth property/casualty and employee benefits insurance agencies. Patriot fosters thoughtful collaboration among all partner agencies, enabling greater client connectivity and enhanced career opportunities for its 1,700+ employees in 130 offices across 26 states.

“Despite the current economic turbulence throughout the U.S., and worsening geopolitical conditions abroad, Patriot continues to attract the best and fastest-growing agencies in the country,” said Matt Gardner, Chairman and CEO of Patriot. “Our business model is truly unique, and the capital raised in this round of funding validates our approach to building a national insurance services platform. We appreciate the continued support of our lending partners in helping us exceed our aggressive growth goals.”

“We have a deep partnership with Patriot and GI Partners and are delighted to once again support Patriot’s continued growth,” said Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital. “The flexibility we can provide to growing companies like Patriot further demonstrates the strength and scalability of the Golub Capital platform.”

About Patriot Growth Insurance Services

Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property and casualty agencies across the United States. Patriot is ranked as the 26th largest broker in the U.S. by Business Insurance and has been named to the 2023 Inc. 5000 list of fastest-growing companies. With more than 1,700 employees operating in over 130 locations across 26 states, Patriot’s collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by GI Partners and Summit Partners. For more information, please visit patriotgis.com or contact Tammy Cameron at [email protected].

About Golub Capital

Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative, and compelling financing solutions to companies backed by private equity sponsors. Our sponsor finance expertise also forms the foundation of our Broadly Syndicated Loan and Credit Opportunities investment programs. We nurture long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.

As of October 1, 2023, Golub Capital had over 850 employees and over $60 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in New York, Chicago, Miami, San Francisco, and London. For more information, please visit golubcapital.com.

Media Contacts:

SOURCE Patriot Growth Insurance Services

CHARLOTTE, N.C., Nov. 28, 2023 — Ubiquity, a U.S. digital infrastructure owner, developer, and operator focused on developing open access fiber-to-the-premise networks, announced today that the company has closed on its inaugural Green Loan, a senior secured green revolving debt facility from a syndicate of lenders led by Woodforest National Bank.

Ubiquity will use the newly committed funds to accelerate deployment of open access fiber networks in its operating regions of Texas, California, Arizona, and Nebraska, and to continue serving its communities with sustainable premium fiber services.

“Ubiquity, on behalf of its investors, has deployed significant capital into our core markets over the past few years,” said Jamie Earp, Ubiquity co-CEO and Managing Partner. “Today, we are pleased to partner with our new bank syndicate, led by Woodforest National Bank, together with joint lead arranger, CrossFirst Bank, as well as Axiom, Bank of Blue Valley and Susser Bank to enable further deployment of premium fiber infrastructure to our stakeholders.”

Ubiquity’s equity sponsors include sustainable infrastructure investment firm Generate Capital. “We are pleased with this commitment to accelerating sustainable fiber infrastructure development for residential, commercial and enterprise customers, as well as schools and municipalities across the U.S., in alignment with Green Loan Principles and Generate’s Green Financing Framework,” said Andrew Marino, Senior Managing Director at Generate Capital. “Generate looks forward to our continued partnership with Ubiquity and supporting the company’s growth plans. These digital infrastructure assets are a critical component of community development driving positive impacts for all stakeholders in an environmentally sustainable way.”

Ubiquity’s last-mile infrastructure is enabling a new generation of connectivity and compute solutions that foster economic growth and development. Ubiquity’s differentiated business model focuses on providing customer choice and spurring competition, both essential components of serving communities for the long term. Robust last-mile open-access fiber networks are critical to delivering unmatched network performance, cost and security for applications and services demanded by customers, and Ubiquity is a leader of this effort in the United States.

“Ubiquity’s goal is to invest and develop digital infrastructure that empowers communities for the future,” said Ajay Ghanekar, Ubiquity co-CEO and Managing Partner. “Fiber technology, paired with the deep experience of our best-in-class network teams, allows us to construct networks with more flexibility than ever before, and at a pace of development that is only surpassed by the largest regional and national service providers.”

“Together with our credit partners we are pleased to support Ubiquity’s continued expansion of its digital networks and help continue its track record of bringing 21^st century connectivity solutions to customers in the markets it serves,” said Randy Humphreys, Executive Vice President, TMT Banking, of Woodforest National Bank.

About Ubiquity

Ubiquity invests, develops, and manages digital communications infrastructure throughout the United States. The company partners with ISPs, wireless carriers, utilities, and municipalities to deliver connectivity and sustainability solutions in underserved communities. Its mission is to provide customer choice and spur competition, both of which are essential components of empowering communities for the future. Please visit ubiquitygp.com for more information.

About Generate Capital

Generate Capital, PBC is a leading sustainable infrastructure company driving the infrastructure transition. Generate builds, owns, operates and finances solutions for clean energy, transportation, water, waste, agriculture and smart cities infrastructure. Founded in 2014, Generate partners with over 50 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution the money and help they need to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to thousands of customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit http://www.generatecapital.com.

About Woodforest National Bank

Woodforest National Bank is a leading privately owned bank that has provided excellent customer service since 1980. Woodforest offers a wide variety of services to their customers and has extensive experience in lending with over $5 billion in loans on their balance sheet. The bank offers loans such as lines of credit and term loans to commercial customers.

SOURCE Ubiquity

PlantSwitch completes Early Growth Funding Round with $7.7 million capital raise.

NexPoint’s investment will help PlantSwitch scale production, market and deliver products to new nation-wide clients.

PlantSwitch’s proprietary production process upcycles agricultural waste, is carbon negative and is less expensive than traditional bioplastic manufacturing.

DALLAS, Nov. 28, 2023 — NexPoint, a multi-billion-dollar alternative investment firm, today announced its investment of $2M in the early growth funding round of PlantSwitch (the “Company”), a bioplastics manufacturing company with a carbon negative production process that upcycles agricultural waste to produce biodegradable and compostable resins for single-use products. The investment is part of a total $7.7M raise in this early fundraise round, to which other institutional investors, along with NexPoint, subscribed.

PlantSwitch’s mission is to “to replace all petroleum-based single-use plastic with plants” by manufacturing and distributing its uniquely compostable bioplastic resin. PlantSwitch’s manufacturing process utilizes agricultural waste products such as rice husks, wheat straw, and other cellulose rich byproducts in combination with a polymer to make sustainable bioplastics while upcycling agricultural waste.

In addition to its carbon negative production process, PlantSwitch’s bioplastics are cheaper to produce and more compostable than comparable bioplastics. PlantSwitch, which was founded in 2020 by SMU Graduates Dillon Baxter and Maxime Blandin, has also recently closed on a 52,000-square-foot manufacturing facility in Sanford, N.C. which will increase its production capacity.

NexPoint identified PlantSwitch at this early stage by leveraging its research capabilities and extensive network, and its investment demonstrates the firm’s continued commitment to environmentally sustainable investment standards and support of early-stage companies with uncorrelated potential. NexPoint’s investment, and this fundraise generally, will help the Company continue to scale its production capacity, increase its marketing capabilities and help deliver products to existing and future customers.

PlantSwitch recently entered framework contracts with several nation-wide restaurant and grocery store chains which it will begin supplying as early as next month. As PlantSwitch scales, its founders expect growing its full-time workforce to over 50 employees by the end of 2024 and anticipate needing additional manufacturing space in the next few years.

On NexPoint’s investment, Co-Founder and CEO of PlantSwitch Dillon Baxter remarked: “Having institutional backing is a huge step for PlantSwitch. With this and other investments from our early growth funding round, we will be able to continue to scale our business and deliver sustainable and biodegradable bioplastics to our eager future clients.” Baxter continued, “There is so much that makes PlantSwitch unique, and funding from institutional investors like NexPoint show that they believe in the company as much as we do.”

“At NexPoint, we are always looking to support companies that do important work, and offer attractive opportunities for growth,” said Scott Johnson, Managing Director & Portfolio Manager at NexPoint Capital, “PlantSwitch certainly fits that bill and represents an investment that aligns with our values and expertise in Climate Tech businesses.”

“Some studies forecast bioplastic demand increasing from 4.9 billion pounds in 2022 to almost 13.9 billion pounds in 2027¹.” Remarked Dillon Baxter, Co-founder and CEO PlantSwitch, “With that kind of demand increase, PlantSwitch’s biggest priority is sustainable growth. We are confident that our product, our supporters like NexPoint, and our distinguished board can help PlantSwitch scale in a deliberate way that allows us to take advantage of demand conditions.”

PlantSwitch has also recently received a $4.94M federal grant from the department of agriculture.

About NexPoint

NexPoint is a multibillion-dollar alternative investment firm comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. NexPoint provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, merger arbitrage and event driven strategies, other private real estate investments, closed-end funds, interval funds, and a business development company. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces. For more information visit nexpoint.com.

About PlantSwitch

PlantSwitch’s mission is to replace all petroleum-based single-use plastic with plants. Our proprietary technology upcycles agricultural residues into a plant-based resin that can be used to make nearly all types of plastic products. A low-cost, zero-waste, drop-in replacement to plastic is finally here. Learn more at https://www.plantswitch.com/.

Contacts

NexPoint

Mike Geller

[email protected]

PlantSwitch

Dillon Baxter, Maxime Blandin

EMAILS: [email protected], [email protected]

¹ https://www.european-bioplastics.org/global-bioplastics-production-defies-challenges-by-showing-significant-increase/

SOURCE NexPoint

READING, Pa., Nov. 28, 2023 — Harmony Senior Housing, an initiative led by the Small Business Resource Center Online, unveils an ambitious plan to address the critical shortage of affordable senior housing in Reading, Pennsylvania. With the vision of providing a safe haven for seniors facing the challenges of escalating rent rates and limited fixed incomes, Harmony Senior Housing aims to create a vibrant community space where seniors can live comfortably without fear of eviction or unfair rental hikes.

The pressing issue of inadequate affordable housing for seniors is one that strikes at the heart of the community. Recent statistics reveal that over 20% of Reading’s residents are aged 65 and older, a number expected to rise. Despite this, the availability of suitable and affordable housing options for seniors falls woefully short.

“We’ve witnessed too many seniors on fixed incomes being forced out of their homes due to rising property taxes and unaffordable rents. Trying to help them one by one isn’t enough. We need a collective effort to make a lasting change,” states Peter B Gustis, Founder and Principal of Harmony Senior Housing.

The flagship project of Harmony Senior Housing involves the conversion of a blighted 125,796 square foot warehouse at 500 N 3rd Street, Reading, PA, into 188 to 244 affordable senior apartments. The total cost for this transformative project is estimated at $30 million, with each unit approximately costing $135,245.

The development isn’t merely about creating affordable apartments; it’s about fostering a thriving community. “At Harmony Senior Housing, we’re building more than just homes; we’re cultivating a vibrant association where seniors actively participate in creating a fulfilling lifestyle,” affirms Gustis.

The planned amenities include a community center, fitness facilities, cafeteria, salon and spa, rooftop decks, and transportation services. Seniors will have the opportunity to engage in diverse activities, from wellness workshops to social mixers, art exhibitions, and intergenerational events with local schools and colleges.

The timeline for the development spans approximately 24 months, divided into phases ranging from pre-development assessments to post-construction stabilization.

To realize this vision, Harmony Senior Housing is seeking support and contributions from local and national businesses, corporations, and individuals who share the commitment to improving the lives of seniors in the community.

For more information on Harmony Senior Housing, donation opportunities, and to join the cause, visit www.HarmonySeniorHousing.org.

Harmony Senior Housing is a beacon of hope for seniors seeking stability, security, and a community where they can thrive. Your support can turn blight into a thriving haven for those who deserve a dignified and comfortable place to call home.

Contact:
Peter B Gustis
Small Business Resource Center Online, Inc
Dba Harmony Senior Housing
Registered non-profit
[email protected]
610-209-9219

SOURCE Harmony Senior Housing