In New York, the Morgan Stanley Institute for Sustainable Investing announced the third cohort of its Sustainable Solutions Collaborative, an initiative launched in 2020 that provides $250,000 grants to innovators addressing complex global sustainability issues.
The cohort includes two biobased companies: EarthEnable, a nonprofit headquartered in Rwanda that designs and builds affordable housing products made from local, natural materials; and MycoTile, a Kenyan startup that manufactures insulation materials made from agricultural waste bonded with mushroom mycelium.
Puraffinity, a UK-based startup with a per- and polyfluoroalkyl substances capture technology; RECARBON, an Italian startup creating innovative products from recycled carbon fiber; and
Sparxell, a UK-based startup developing the first bioinspired fully biodegradable non-toxic pigments, glitters, sequins and films, rounded out the 2023 cohort.
“This year’s Sustainable Solutions Collaborative winners were selected from our largest group of applicants to date, underscoring the breadth of innovative solutions entering the marketplace,” said Matthew Slovik, Head of Global Sustainable Finance at Morgan Stanley, in a statement. “In providing these organizations with capital, networking opportunities and additional resources for growth, we aim to help them bring their game-changing concepts to scale.”
In addition to the cash reward, winners also participate in a yearlong program to support their work scaling innovative solutions.