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The original foam is made by grinding down wood particles to the point that they form a slimy substance, adding gas to that slime to make it frothy, and then allowing it to dry – the wood used could conceivably be waste from the forestry industry.
Taking the form of rigid panels or flexible mats (pictured below), the finished product is reportedly well-suited to use as building insulation that's more environmentally-friendly than conventional petroleum-based foam, and that doesn't settle over time like some looser alternatives.