Tuesday, November 28, 2023

Northern Gritstone invests £2M in Floreon’s sustainable bioplastics

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Today investment firm Northern Gritstone announced a £2 million Series A investment into the bioplastics developer Floreon, a spin-out technology from the University of Sheffield.

Floreon has developed a range of bioplastics made from plants, including corn and sugarcane, with performance comparable to Acrylonitrile Butadiene Styrene (ABS), the common plastic polymer widely used in automotive, electronics and electrical appliances and toys.

With over 99 percent of the world’s plastics produced from chemicals sourced from fossil fuels, bioplastics offer a sustainable alternative.

The global bioplastics and biopolymers market is projected to reach $27.3 billion by 2027.

Floreon’s materials have achieved the performance standards for high-value applications and mass production.

By using plants to take carbon dioxide directly from the air and convert it into sugars that can be used as feedstock for the material, Floreon’s bioplastics production can reduce carbon emissions by up to 7x compared to traditional oil-based plastics.

The company’s innovations include:

  • Therma-Tech is the world’s first bioplastic to achieve UL94V-0 flammability certification, allowing its use in home electronics, automotive, and construction applications.
  • Dura-Tech, an ideal alternative to ABS when fire resistance isn’t needed
  • Bio-Tech, an industrially compostable version ideal for food packaging and agricultural applications.

Northern Gritstone’s investment will allow Floreon to expand its team and bring its products to market.

According to Shaun Chatterton, Founder and Chair of Floreon:

“Everyday oil-based plastics are contributing to the global environmental crisis. Our vision is to offer brands an alternative product and, through this, transform the global plastics market.

We are delighted to partner with Northern Gritstone. Their support, experience and investment will enable us to develop our team and deliver our commercial strategy.”

Duncan Johnson, CEO of Northern Gritstone, said: 

“Floreon has developed an innovative and unique technology that offers producers a genuine route to reducing the environmental impact of their plastic products.

This truly fits into Northern Gritstone’s ‘Profit with Purpose’ philosophy, helping to create the world-class businesses of tomorrow from the world-class science in North England today.”

Lead image: Floreon biopellets. Photo: Uncredited.

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