UK – Hull-based bioplastics innovator Floreon Technology has secured a £2 million (US$ 2.50m) Series A investment from Northern Gritstone to amplify its operations.
Floreon, a spin-out technology from the University of Sheffield, specializes in crafting exclusive compounds rooted in polylactic acid bioresin (PLA), incorporating 70% to 90% renewable, plant-based raw materials like corn and sugar cane.
These materials boast greater resilience than traditional PLA and offer substantial energy savings during processing.
The company has also devised a substitute for flame-retardant oil-based Acrylonitrile Butadiene Styrene (ABS).
Their halogen-free bioplastic, the world’s inaugural bioplastic to secure UL94V-0 flammability certification, presents a safe, sustainable alternative for electrical appliances.
Originating from plants, it’s apt for both chemical and mechanical recycling, bearing a carbon footprint nearly seven times lower than oil-based plastics, as stated by Floreon.
Their compounds are recyclable and compatible with industrial composting. Northern Gritstone’s investment is set to bolster the company’s workforce and propel the introduction of its products to the market.
Shaun Chatterton, Founder, and Chair of Floreon emphasized, “Conventional oil-based plastics are aggravating the global environmental crisis. Our vision is to offer brands an alternative product, thereby revolutionizing the global plastics market.
“Collaborating with Northern Gritstone is truly exciting. Their support, expertise, and investment will empower us to expand our team and execute our commercial strategy.”
This investment coincides with the release of an independent review aimed at enhancing the establishment and expansion of university spinout companies.
The University of Sheffield has been highlighted in the report as a commendable example of good practice in the field.
In response to the report, Professor Sue Hartley, Vice President for Research and Innovation at the University of Sheffield, expressed, “This scrutiny on spinouts and their prerequisites for flourishing arrives at a pivotal moment for UK universities.
“At Sheffield, we’ve heavily invested in a commercialization approach that minimizes risks for innovators and investors. This has significantly benefited our region, generating more local job opportunities and attracting international investment.”
Professor Hartley welcomed the review’s insights concerning the transport and commercial infrastructure necessary to empower spinouts in making tangible contributions to communities beyond the South East.
“We eagerly anticipate collaborating with our partners to integrate these recommendations and foster further opportunities for South Yorkshire and beyond,” she concluded.
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