A bioplastics innovator which uses technology spun out of the University of Sheffield has secured £2m of investment.
Hull-based Floreon is said to have developed the world’s first low-energy, non-oil-based, high-performance bioplastic – a material made from renewable biomass sources. The firm uses plants, including corn and sugar cane, to make its pellets with performance comparable to Acrylonitrile Butadiene Styrene (ABS), the common plastic polymer widely used in automotive, electronics and electrical appliances and toys.
Floreon says its materials are tough enough to be used for high-value engineering and mass production and can be used in a range of consumer products Its bio-tech material is an industrially compostable version intended for food packaging and agricultural uses. The firm says its products have the potential to reduce carbon emissions by up to seven times existing oil-based plastics.
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The idea was developed amid a search for an alternative plastic to use in water cooler bottles. Over the course of a decade, and with involvement from the University of Sheffield, the idea and the intellectual property has been industrialised.
Shaun Chatterton, founded Floreon in 2011 and was later joined by chief technology officer Dr Andrew Gill, who completed his PhD and a Knowledge Transfer Partnership with the University of Sheffield. 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 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 that exists in the North of England today.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
