Floreon is essentially a specially formulated compound, which is added to the standard bioplastic PLA.
Floreon is made from what it claims is the world’s first bioplastic performance material whose manufacture shows reduction in greenhouse gas emissions. Made from plants not oil, and derived from abundant 100% annually renewable plant resources.
An EIS was set up to help Floreon gain investment which it will use to find key partners in USA and globally.
From the scheme, Floreon has managed to secure new investors which now value the company at £5m.
Shaun Chatterton, founder of Floreon, said: “This is an incredibly exciting time for Floreon. With this investment we’re now able to press ahead with our plans to commercialise this fantastic and unique bioplastic which genuinely has the potential to change the way we think about plastic and packaging forever.”
Floreon has been developing its fully recyclable and biodegradable bioplastic for the past four years through a Knowledge Transfer Partnership with the University of Sheffield.
The product has passed independent food contact testing by Smithers-Rapra.
The next step for Floreon is to move into the US market, as currently there 150,000 tonnes of polylactic Acid (PLA) being produced there.
A Floreon spokesperson told Packaging News: “The export potential of Floreon is huge, and we certainly have plans to grow the business internationally. We’ve progressed patent application across all major population centres (including US & Canada, China, EU etc) and will be attending a major bioplastic conference (Innovation Takes Root, Orlando, February 2014) with a view to promoting Floreon in the US and internationally.”