Grant funding from Innovate UK

RNS Number : 1876Y
Biome Technologies PLC
05 September 2022
 

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.

 

5 September 2022

 

 

Biome Technologies plc

 

("Biome", "the Company" or "the Group")

 

Biome receives £244k grant to improve performance of bioplastic food packaging

 

Biome, a leading bioplastics and radio frequency technology business, announces that its Bioplastics division ( www.biomebioplastics.com ) has been awarded funding of £244,000 from the UK Government's Innovate UK to support a collaborative development project with ANPOLY Inc ( www.anpolyinc.com ) of South Korea to improve shelf life performance of food packaging made from Biome's bioplastics.

 

ANPOLY Inc ( www.anpolyinc.com ) is a spin out from Korean university, POSTECH ( international.postech.ac.kr ) with advanced technology to produce bespoke cellulose nano-fibres. This project, which will have a total investment of £794,000, will start in October 2022 and is expected to last two years.

 

As brands seek to adopt bioplastics, there is an increasing demand for materials with longer shelf-life to reduce food waste. Such improved performance currently requires the use of fossil-based additives, whereas cellulose nano fibres can offer similar performance with sustainable credentials. The project will bring together Biome's portfolio of bioplastic products and market knowledge with ANOPOLY's novel additives.

 

This work forms part of Biome's approach to providing highly functional added value products to the market and it is expected that products derived from this collaboration will be commercialised after project completion.

 

Paul Mines, Biome Technologies' Chief Executive commented:

 

"This latest development project is an important enabling step in understanding the functionality of a combination of Biome's most exciting products with cutting edge additive and technologies coming through from ANPOLY. We believe these could represent an important addition to the business's product range in due course and will bring benefits to manufacturers, consumers and the environment."

 

 

-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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCUPURPBUPPGCC
UK 100

Latest directors dealings