Floreon secures GBP 250 million to scale up bioplastics technology

Iranpolymer/Baspar The Centre for Process Innovation (CPI), a UK-based tech and sustainable materials accelerator, has announced a GBP 250 million investment into the bioplastics developer Floreon, a spin-out technology from the University of Sheffield.

Floreon makes proprietary compounds based on polylactic acid bioresin (PLA) containing 70% to 90% renewable, plant-based raw materials, including corn and sugar cane. The company says the materials are tougher than traditional PLA and can deliver significant energy savings in processing.

Floreon has also developed an alternative to flame retardant oil-based Acrylonitrile Butadiene Styrene (ABS). Its halogen-free bioplastic, the world’s first bioplastic to achieve UL94V-0 flammability certification, offers a safe and sustainable option for electrical goods. Derived from plants, it is suitable for chemical and mechanical recycling and has an up to seven times lower carbon footprint than oil-based plastic.

Floreon also offers a compostable grade which is recyclable and safe for food-contact. Its compounds can be injected moulded in existing manufacturing equipment and are suitable for construction, medical, cosmetics, automotive, electrical, toys, food & drinks, and 3D printing applications.

CPI’s investment will allow the bioplastics manufacturer to scale-up its technology.

“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.

The funding announcement follows a GBP 2 million investment by Northern Gritstone in November 2023.

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