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November 27, 2023

Hull's Floreon Technology Secures £2M Investment Boost

Scientific and tech-driven enterprises, Northern Gritstone, is injecting £2 million in a Series A investment

In a move to champion eco-friendly innovation, Manchester-based investment firm Northern Gritstone has injected a £2 million Series A investment into Hull's Floreon Technology. Known for their groundbreaking work in science and technology-enabled businesses, Northern Gritstone sees potential in Floreon's claim to fame – the world's first low-energy, non-oil-based bioplastics.

Established in 2011 by entrepreneur Shaun Chatterton, Floreon's collaboration with the University of Sheffield has yielded a range of bioplastics derived from plant-based sources like corn and sugarcane. These bioplastics boast performance levels akin to the widely used plastic polymer Acrylonitrile Butadiene Styrene (ABS), found in industries spanning automotive, electronics, and toys.

Floreon's plant-based alternatives aim to provide an eco-friendly solution in a world where over 99% of plastics are derived from fossil fuels. By harnessing plants to extract carbon dioxide from the air and convert it into sugars for material production, Floreon claims to achieve a remarkable reduction in carbon emissions, up to seven times compared to traditional oil-based plastics.

Floreon's product lineup introduces Therma-Tech, hailed as the first bioplastic globally to attain UL94V-0 flammability certification. This positions it as a fitting choice for applications in home electronics, automotive components, and construction. Additionally, Dura-Tech emerges as an ABS alternative without the need for fire resistance, while Bio-Tech stands out as an industrially compostable version ideal for food packaging and agricultural uses.

The £2 million injection from Northern Gritstone serves as a catalyst for Floreon to expand its team and introduce these revolutionary bioplastics to the market. The funding will not only support market entry but also fuel ongoing research and development, promoting the adoption of sustainable materials across diverse industries.

Shaun Chatterton, Founder and Chair of Floreon, expresses the company's commitment to providing an alternative product that can transform the global plastics market. The partnership with Northern Gritstone is seen as pivotal, providing the necessary support, experience, and investment to propel Floreon toward achieving its vision.

Duncan Johnson, CEO of Northern Gritstone, commends Floreon's innovative technology, positioning it as a genuine route for producers to reduce the environmental impact of their plastic products. This aligns with Northern Gritstone's 'Profit with Purpose' philosophy, aiming to cultivate world-class businesses from the existing scientific prowess in the North of England.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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