Business

Plantic Technologies, the Australian developer of environmentally friendly plastics for packaging, has made a promising start to trading on the UK Alternative Investment Market (AIM).

The firm, which raised £20m of new funds through institutional investors, placed its shares at 64p on Wednesday, but they were already trading at more than 78p this morning.

The firm’s technology is based on high amylose corn starch sourced from renewable resources, and can be used in rigid packaging and flexible films.

It counts Cadbury Schweppes and Nestlé as customers for its first commercial product, Plantic R1.

Plantic will use the funds to invest in further research and development and to commercialise new products.