The Centre for Process Innovation (CPI), a UK-based technology and sustainable materials accelerator, has invested £250 million ($319 M) in Floreon, a bioplastics developer spun out from the University of Sheffield.
Floreon produces proprietary compounds made from plant-based materials, including corn and sugarcane, which offer improved performance and sustainability.
Their bioplastics are designed to be tougher and more energy-efficient than traditional plastics, and they’ve developed an alternative to flame retardant oil-based plastics that meets the highest safety standards. This bioplastic has a significantly lower carbon footprint than traditional plastic and can be recycled and composted.
Floreon’s bioplastics are suitable for a wide range of applications, including construction, medical, cosmetics, automotive, electrical, toys, food and drinks, and 3D printing. The company’s compounds can be used in existing manufacturing equipment and are safe for food-contact.
“This unique company has worked hard to develop revolutionary solutions for an industry that still relies heavily on fossil fuels to produce everyday items,” said Hannah Wade, managing director at CPI Enterprises. “Floreon’s ambitious goal to change the landscape of the plastics industry by producing high quality plastics using sustainable materials certainly caught our eye…I’m delighted CPI can extend our working relationship with Floreon by collaborating with the company to scale-up new technology that will accelerate change in the plastics industry,” she concluded.
With CPI’s investment, Floreon will be able to scale up its technology and bring its innovative bioplastics to market.
