Northern Gritstone, an investment business focused on university spin-outs and science and technology-enabled businesses in the North of England, has announced a GBP 2 million Series A investment into the bioplastics developer Floreon, a spin-out technology from the University of Sheffield.
Floreon makes proprietary compounds based on polylactic acid bioresin (PLA) containing 70% to 90% renewable, plant-based raw materials, including corn and sugar cane. The company says the materials are tougher than traditional PLA and can deliver significant energy savings in processing. Floreon also developed an alternative to flame retardant oil-based Acrylonitrile Butadiene Styrene (ABS). Its halogen-free bioplastic, the world’s first bioplastic to achieve UL94V-0 flammability certification, offers a safe and sustainable option for electrical goods. Derived from plants, it is suitable for chemical and mechanical recycling and has an up to seven times lower carbon footprint than oil-based plastic, Floreon says.
Floreon compounds are also recyclable and can be composted via industrial composting. Northern Gritstone’s investment will allow the company to expand its team and bring its products to market.
“Everyday oil-based plastics are contributing to the global environmental crisis,” said Shaun Chatterton, Founder and Chair of Floreon said. “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.”