Founded in 2011, Floreon has been developing a range of bio-based plastic alternatives using plant materials such as corn and sugar cane. The Hull-based company claims its bioplastics have now achieved ‘performance standards required for high-value applications and mass production’ and are capable of replacing traditional plastics in many scenarios.
Floreon said its Therma-Tech product is the world’s first bioplastic to achieve UL94V-0 flammability certification, meaning it can be safely used in sectors such as electronics, automotive and construction. Its Dura-Tech product, though not flame-retardant, is said to deliver structural performance comparable to Acrylonitrile Butadiene Styrene (ABS), a common plastic polymer widely used today. Floreon also manufacturers Bio-Tech, an industrially compostable bioplastic designed for for food packaging and agricultural applications.
“Everyday oil-based plastics are contributing to the global environmental crisis,” Shaun Chatterton, founder and chair of Floreon said in a statement.
“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.”
The £2m Series A funding has come via Northern Grimstone, an investment business focusing on deep technology and life science spinouts in the North of England, and backed by the Universities of Manchester, Leeds and Sheffield.
“Floreon has developed an innovative and unique technology that offers producers a genuine route to reducing the environmental impact of their plastic products,” said Duncan Johnson, CEO of Northern Gritstone.
“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.”