Last checked at 17 Mar 2021 07:00
REACH
17 March 2021
Biome Technologies plc
("Biome", the "Group" or the "Company")
Biome wins further funding for its biodegradable tree shelter project
Biome's Bioplastics division (www.biomebioplastics.com) announces that it has secured £248,000 via a further funding contract to complete the development phase and reach commercial production of its biodegradable tree shelter project. This follows the Company's successful completion of an initial feasibility study to develop and test a new generation of biodegradable tree shelters to be made from the Company's novel bioplastics.
This additional funding has come from the Government-backed Innovate UK agency as part of the Sustainable Innovation Fund (SBRI Phase 2) and will support a significant increase in project activity and facilitate further extensive laboratory testing of materials and UK-wide field trials with potential end-customers for the novel biodegradable tree shelters.
In the UK, around 45 million trees are planted each year, most of those using non-biodegradable tree shelters for protection, with an estimated 2,500 tons of persistent plastics ending up annually in the natural environment after use. Plans to significantly increase tree planting as part of the UK's drive to mitigate climate change will exacerbate these problems. This project aims to curb such unnecessary levels of plastic pollution with a product that biodegrades in-situ after use.
The project continues in close partnership with Suregreen, a leading manufacturer of tree shelters, whose team has broad experience in the manufacture and sales of such products. Suregreen will involve its forestry customers in product assessment of the biodegradable tree shelters.
Paul Mines, Biome Technologies' Chief Executive Officer, commented:
"This additional funding will help accelerate both the laboratory and 'real-world' testing of this exciting new product, moving it a step closer to large scale commercialisation."
Investors can find more details on this project's scientific approach and its future path to prospective commercialisation in a short video on the Bioplastics division's website: https://biomebioplastics.com/tree-shelter/.
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For further information please contact: Biome Technologies plc
Paul Mines, Chief Executive Officer
Rob Smith, Chief Financial Officer
info@biometechnologiesplc.co.uk
Tel: +44 (0) 2380 867 100
www.biometechnologiesplc.com
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Sales and Corporate Broking)
Tel: +44 (0) 20 3328 5656
www.allenbycapital.com
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 and Stanelco RF Technologies Limited.
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 Innovate UK's Sustainable Innovation Fund
Innovate UK, as part of UK Research and Innovation, is investing up to £191 million to fund single and collaborative research and development projects as part of the Sustainable Innovation Fund over the next two years. The aim of these competitions is to help all sectors of the UK rebuild after the effects of COVID-19.
The Sustainable Innovation Fund is funding 1,090 projects, almost 1200 UK businesses and totalling over £160 million in support across the UK.
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