LONDON (Alliance News) - Biome Technologies PLC said Thursday it received further GBP600,000 in funding from Innovate UK for production of a novel bioplastic building block.
Over the last five years, Biome has led a GBP6.0 million development programme to bring bio-based and biodegradable polymers to market.
The programme currently involves seven universities and other partners.
Chief Executive Officer Paul Mines said: "The UK government has set a target of eliminating all avoidable plastic waste by 2042. Bioplastics will play a crucial role in achieving this target by reducing waste."
"However, current bioplastic technology is limited by price and performance in some applications. Our development programme is intended to change that position by preparing a new generation of polymers with improved functionality."
In 2015, the company in partnership with the University of Warwick, the University of Leeds and the Centre for Process Innovation was already granted an unspecified amount by Innovate UK for the project.
Biome shares were trading up 6.5% at 559.00 pence each.
Biome Tech (BIOM)