A low-energy, non-oil-based, high-performance bioplastic developed by Floreon in partnership with the University of Sheffield has secured £2 million in financing from Northern Gritstone.
Founded by entrepreneur Shaun Chatterton in 2011, Floreon has developed a range of bioplastics made from plants, including corn and sugar cane, with performance comparable to Acrylonitrile Butadiene Styrene (ABS), a common plastic polymer widely used in automotive, electronics and electrical appliances and toys.
With over 99% 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. Floreon’s materials have uniquely achieved the performance standards required for high-value applications and mass production, unlike other bio-plastic products. 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.
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.”
Duncan Johnson, CEO of Northern Gritstone, added: “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.”