Floreon Technology secures investment from CPI Enterprises to commercialise its bioplastics
CPI Enterprises backs the bioplastics firm following Northern Gritstone's previous Series A backing.
Floreon Technology produces plant-based plastics designed as a sustainable alternative to fossil-fuel materials. Its proprietary compounds offer high performance and fire safety certifications for various industrial applications.
CPI Enterprises has made an investment in Floreon Technology, a Sheffield-based bioplastics firm. The funding follows a previous £2m Series A investment from Northern Gritstone announced in November.
Floreon develops plant-based plastics using 70 to 90 percent renewable raw materials, including its Therma-Tech grade plastic which holds UL94V-0 flammability certification. The company will use the capital to commercialise this specific grade for demanding applications requiring fire safety.
The investment aims to support the firm as it targets the broader plastics market and seeks to scale up its technology platform.
Investor perspective
"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."
Hannah Wade
Managing Director, CPI Enterprises
Use of funds
- 01Continue product development
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About the company
Floreon Technology
Floreon Technology develops plant-based plastics as a sustainable alternative to fossil-fuel materials.