The world’s first low-energy, non-oil-based, high-performance bioplastic, developed with the University of Sheffield, has secured £2 million financing from Northern Gritstone.
Northern Gritstone, the investment business focused on university spinouts and science and technology-enabled businesses in the North of England, has announced a £2 million Series A investment into the bioplastics developer Floreon Technology Limited (Floreon), a spinout 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 per cent 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.
Unlike other bio-plastic products, Floreon’s materials have uniquely achieved the performance standards required for high-value applications and mass production. Through 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 seven times compared to traditional oil-based plastics.
Northern Gritstone’s 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 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.”
