Floreon Technology, a startup that originated from the University of Sheffield, has secured a £2 million investment from Manchester-based investment firm Northern Gritstone. The funding, part of a Series A round, aims to support Floreon in bringing its groundbreaking bioplastics to the market.
Floreon, based in Hull and founded by entrepreneur Shaun Chatterton in 2011, specializes in creating bioplastics from plant-based sources like corn and sugar cane. The collaboration between Floreon and the University of Sheffield has resulted in what the company claims to be the world’s first low-energy, non-oil-based bioplastics.
The unique selling point of Floreon’s bioplastics lies in their performance, comparable to the commonly used plastic polymer Acrylonitrile Butadiene Styrene (ABS), found in industries such as automotive, electronics, and toys. These innovative bioplastics, crafted from renewable plant sources, aim to address the environmental crisis caused by traditional oil-based plastics.
Floreon asserts that over 99% of the world’s plastics are derived from fossil fuels, contributing to environmental challenges. Their plant-based alternatives, however, claim to be eco-friendly by using plants to extract carbon dioxide from the air and convert it into sugars for material production. This process reportedly results in a reduction in carbon emissions up to seven times when compared to traditional oil-based plastics.
The £2 million investment from Northern Gritstone will be instrumental in expanding Floreon’s team and bringing its bioplastics to the market. Additionally, the funds will support further research, development, and market entry, aiming to drive the adoption of sustainable materials across various industries.
Floreon’s product range includes Therma-Tech, the first bioplastic globally to achieve UL94V-0 flammability certification, making it suitable for applications like home electronics, automotive components, and construction. Another offering, Dura-Tech, serves as an alternative to ABS without requiring fire resistance, while Bio-Tech is an industrially compostable version suitable for food packaging and agricultural uses.
Shaun Chatterton, Founder and Chair of Floreon, expressed enthusiasm about the partnership with Northern Gritstone, stating, “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.”
Duncan Johnson, CEO of Northern Gritstone, commended Floreon’s innovative technology, emphasizing its potential to help producers reduce the environmental impact of plastic products. This aligns with Northern Gritstone’s ‘Profit with Purpose’ philosophy, aiming to create world-class businesses from the scientific expertise present in the North of England.
This investment marks a significant step forward for Floreon, positioning them to play a key role in reshaping the plastics industry with their sustainable and eco-friendly bioplastics.
