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CPI Enterprises invests in pioneering bioplastics firm

Investors in this round: CPI Enterprises

The investment has gone into Floreon Technology, a pioneering plastics firm which was born out of a successful partnership with the University of Sheffield.

Founded in 2011, Floreon’s products are made using 70 – 90 percent plant-based raw materials, including their patent pending Therma-Tech grade plastic which is the world’s first halogen-free PLA compound to achieve UL94V0 flammability certification.

This gold standard certification means the plastics produced by the company, which have a significantly lower carbon footprint than their fossil-based counterparts, also meet the requirements for use in home electronics, automotive and construction.

With 99 percent of plastics industry produced using fossil fuels, Floreon are set to take advantage of a huge gap in the market for high quality plastics which are made using sustainable materials.

And, with the plastics industry worth approximately $600bn, Floreon’s greener plastics could provide a real step-change for the plastics industry.

The company will initially focus on commercialising their Therma-Tech grade plastic for highly demanding applications where fire safety is a must.

CPI Enterprises’ investment follows on from Northern Gritstone’s £2 million Series A investment into Floreon announced last November.

Hannah Wade, Managing Director at CPI Enterprises:

This unique company has worked hard to develop revolutionary solutions for an industry that still relies heavily on fossil fuels to produce everyday items.

Floreon’s ambitious goal to change the landscape of the plastics industry by producing high quality plastics using sustainable materials certainly caught our eye. The problem they are trying to solve is one we must address if we are to reach net zero and shift the dial on climate change.

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.

Shaun and the management team have built an impressive technology platform and we are keen to support and contribute to the business as it enters an exciting new phase of growth.”

Dr Sandrine Garnier, CEO at Floreon said:

Today is a significant financial milestone for Floreon Technology, which reflects the resonance of our vision. This partnership will amplify our potential, fuel innovation, and increase our impact. Working together with CPI, we embark on a transformative journey, guided by shared values and relentless ambition.”

£2m

CPI Enterprises invests in pioneering bioplastics firm

CPI Enterprises invests in pioneering bioplastics firm

By Becky Fields CPI Enterprises Profile 06 Jun 2024