Last checked at 16 Nov 2022 07:00
The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
16 November 2022
Biome Technologies plc
("Biome", "the Company" or "the Group")
Biome receives £282k grant to scale-up novel biopolymers
Biome announces that its Bioplastics division (www.biomebioplastics.com) has been awarded £282,000 in funding from Innovate UK, the UK Government's innovation agency, to support the scale-up of novel compostable biopolymers for the flexible packaging and coatings industries in collaboration with Thomas Swan (www.thomas-swan.co.uk) and the University of Nottingham. The project has a total investment of £474,000 and is expected to last 18 months.
Over the last nine years, Biome has undertaken considerable research and development work on a range of biodegradable polymers, based on bio-based inputs. This work has involved seven universities and around 30 leading scientists and engineers. All the resultant polymers are subject to patent protection or patent application. Before this new Innovate UK grant, these novel polymers have only been scaled successfully from laboratory test-tube to small kilogram quantities on pilot plant equipment.
The new funding for this project will scale up one of these promising polymers to quantities of hundreds of kilograms on Thomas Swan's industrial-scale assets. This selected polymer is based on furan dicarboxylic acid (FDCA), an important new bio-based chemical. Such production will allow the performance and production process of this polymer to be evaluated at a commercially relevant scale.
Thomas Swan is a leading independent manufacturer of performance and fine chemicals with offices in the United States and China and a global network of distributors. The company manufactures over 100 products, from kilogram to multi-tonne quantities, and offers an experienced and flexible custom manufacturing service. Thomas Swan has collaborated with Biome's development for the last few years and is well-placed to support this specific project and ultimately manufacture Biome's novel FDCA based polymers at a commercial scale.
The University of Nottingham has worked with Biome for the past five years. Its contribution to this project will be led by Derek Irvine, Professor of Materials Chemistry at the institution's Faculty of Engineering. His team will support the technology transfer from the laboratory to Thomas Swan and work on further enhancements to the FDCA-derived polymer.
This work forms part of Biome's approach to providing highly functional added-value products to the market. It is envisaged that products derived from this collaboration will be commercialised after project completion.
Paul Mines, Biome Technologies' Chief Executive, commented:
"After nine years of significant work by Biome's scientists, engineers and supporting partners, it is great to be taking a substantial step towards industrialisation in bringing these FDCA-based polymers to the market. Thomas Swan and the University of Nottingham are great partners to support us on our journey to commercialise this new generation of bio-based and compostable polymers."
Harry Swan, Thomas Swan's Chief Executive and Owner, added:
"This is an excellent project that will see the acceleration of an important new sustainable product for Biome. It also sits well with Thomas Swan's own mission to inspire and deliver sustainable chemistry. Innovate UK grants are not easy to secure which lends great credibility to the technology and its potential. I look forward to seeing this exciting project progress with our partners, Biome and the University of Nottingham."
-Ends-
For further information please contact: Biome Technologies plc | |
Paul Mines, Chief Executive Officer | |
Rob Smith, Chief Financial Officer | |
www.biometechnologiesplc.com | Tel: +44 (0) 2380 867 100 |
Allenby Capital | |
David Hart/Alex Brearley (Nominated Adviser) Kelly Gardiner (Sales and Corporate Broking) | |
www.allenbycapital.com | Tel: +44 (0) 20 3328 5656 |
| |
About Biome
Biome Technologies plc is an AIM listed, growth-orientated, commercially driven technology group. Our strategy is founded on building market-leading positions based on patented technology and serving international customers in valuable market sectors. We have chosen to do this by developing products in application areas where the value-added pricing can be justified and are not reliant on government legislation. These products are driven by customer requirements and are compatible with existing manufacturing processes. They are market rather than technology-led.
The Group comprises two divisions, Biome Bioplastics Limited ("Bioplastic") and Stanelco RF Technologies Limited ("RF Technologies").
Biome Bioplastics is a leading developer of highly-functional, bio-based and biodegradable plastics. The company's mission is to produce bioplastics that challenge the dominance of oil- based polymers.
Stanelco RF Technologies designs, builds and services advanced radio frequency (RF) systems. Dielectric and induction heating products are at the core of a product offering that ranges from portable sealing devices to large furnaces for the fibre optics markets.
www.biometechnologiesplc.com www.biomebioplastics.com and www.thinkbioplastic.com www.stanelcorftechnologies.com
About Thomas Swan
Thomas Swan & Co. Ltd. is an independent chemical manufacturing company. With offices and warehousing in the UK, USA and China and a global network of distributors, they service the domestic and international markets and export to over 80 countries worldwide.
Founded in 1926 in Consett, in the North East of England - still home to their manufacturing facilities - Thomas Swan today produces over 100 products, in kilogramme to multi-tonne quantities, and offers an experienced and flexible manufacturing service.
www.thomas-swan.co.uk