£2m investment for ‘ground-breaking’ bioplastics developer
Investment business Northern Gritstone has confirmed a £2m Series A investment into the bioplastics developer Floreon Technology Ltd, a spin-out technology from the University of Sheffield.
Based in Hull, Floreon was founded by the entrepreneur Shaun Chatterton in 2011.
CTO Dr Andrew Gill joined in 2013, having completed his PhD and a Knowledge Transfer Partnership with the University of Sheffield.
Floreon has developed a range of bioplastics made from plants, including corn and sugar cane, 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% 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 $27.3bn by 2027.
Floreon’s innovations include:
- Therma-Tech, the world’s first bioplastic to achieve UL94V-0 flammability certification, allowing its use in applications such as home electronics, automotives and construction.
- 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 says its investment will allow Floreon to expand its team and bring its products to market.
Shaun Chatterton, founder and chair of Floreon, said: “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 happy 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, added: “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 that exists in the North of England today.”