Biome Technologies secures further funding for its biodegradable tree shelter project
said its Bioplastics division has secured £0.248m in funding to further develop the commercial production of its biodegradable tree shelter project.
The Bioplastics division develops bio-based and biodegradable plastics and is focused on its objective of producing bioplastics that can challenge the dominance of oil-based polymers.
The further funding, which has come from the Government-backed Innovate UK agency as part of the Sustainable Innovation Fund, follows the successful completion of an initial feasibility study to develop and test a new generation of biodegradable tree shelters.
Innovate UK, as part of UK Research and Innovation, is investing up to £191m to fund single and collaborative research and development projects as part of the Sustainable Innovation Fund over the next two years to help UK sectors rebuild after the effects of COVID-19.
The funds will support a significant increase in project activity and facilitate further extensive lab testing of materials and UK-wide field trials with potential end-customers for the biodegradable tree shelters which are to be made from the group’s novel bioplastics.
Shares in Biome Technologies have increased by 7.5% in the past two weeks. This morning, the stock jumped 12.20% higher to 235p immediately following the announcement.
BIOM price chartThe company told investors that in the UK, around 45 million trees are planted each year, with 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.
The group said that plans to significantly increase tree planting as part of the UK's drive to mitigate climate change will exacerbate these problems. The 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 tree shelter manufacturer Suregreen, 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.
Commenting on the funding Paul Mines, Biome Technologies' Chief Executive Officer said, "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."
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