Floreon has developed the world’s first low-energy, non-oil-based, high-performance bioplastic, which acts as a drop-in replacement for existing materials. The material:
· Offers better performance than existing bioplastics for use in high-value engineering
· Is the first halogen-free bioplastic to achieve UL94V-0 flammability rating
· Can reduce carbon emissions by up to 7x compared with oil-based alternatives

21 November 2023 – Northern Gritstone, the investment business focused on university spin-outs and science and technology-enabled businesses in the North of England, has today announced a £2 million Series A investment into the bioplastics developer Floreon Technology Limited (‘Floreon’), a spin-out technology from the University of Sheffield.

Based in Hull, Floreon was founded by the entrepreneur Shaun Chatterton in 2011. CTO Dr Andrew Gill joined in 2013, having completed his PhD and a Knowledge Transfer Partnership with the University of Sheffield.

Floreon has developed a range of bioplastics made from plants, including corn and sugar cane, with performance comparable to Acrylonitrile Butadiene Styrene (ABS), the 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[1], bioplastics offer a sustainable alternative. The global bioplastics and biopolymers market is projected to reach $27.3 billion by 2027.

Unlike other bio-plastic products, Floreon’s materials have uniquely achieved the performance standards required for high-value applications and mass production. 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 7x compared to traditional oil-based plastics.

Floreon’s innovations include:
· Therma-Tech, the world’s first bioplastic to achieve UL94V-0 flammability certification, allowing its use in applications such as home electronics, automotives and construction.
· Dura-Tech, an ideal alternative to ABS when fire resistance isn’t needed
· Bio-Tech, an industrially compostable version ideal for food packaging and agricultural applications.

Northern Gritstone’s investment will allow Floreon to expand its team and bring its products to market.
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. 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.”

Duncan Johnson, CEO of Northern Gritstone said:

“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.”

ENDS

About Northern Gritstone

Northern Gritstone is a groundbreaking investment company, dedicated to supporting science and innovation-based businesses located in the North of England, including academic spin-outs from its founding university partners.

Launched in July 2021 by the Universities of Leeds, Manchester and Sheffield, its philosophy is Profit with Purpose, combining strong returns for investors with wider positive, societal and economic impact, including supporting Levelling Up and high-skilled job creation in the North of England.

The company announced the final close of its initial fundraise at £312 million in October 2023. Dedicated to financing companies in some of the UK’s fastest growing sectors such as advanced materials, energy, health technology and cognitive computation, it has already made 15 investments in some of the UK’s most exciting future science and technology-enabled businesses.

About Floreon Technology Ltd

Floreon Technology Ltd is a bioplastics company with a vision to help solve the sustainability challenges created by oil-based plastics. Floreon plastics are based on polyactic acid (PLA). Their unique blended formula improves on standard PLA to create tough bioplastics for use in multiple applications such as electronics and electricals.