Biome Technologies PLC Grant funding from Innovate UK
06 December 2018 - 6:01PM
RNS Non-Regulatory
TIDMBIOM
Biome Technologies PLC
06 December 2018
6 December 2018
Biome Technologies plc
("Biome", "the Company" or "the Group")
Biome Technologies plc, the leading bioplastics and radio
frequency technology business, is pleased to announce that it has
been awarded a further GBP0.6 million of grant funding from
Innovate UK to support a project focused on pilot-scale production
of a novel bioplastic building block.
Over the last five years, Biome Technologies has led a GBP6
million development programme to bring a range of novel highly
functional bio-based and biodegradable polymers to market using
industrial biotechnology techniques. This programme currently
involves seven universities, some 25 scientists and engineers and
other partners.
Earlier in 2018, the Company reported that the technical
feasibility of a number of these potential polymers had been
ascertained and that work was now to be focused on establishing the
viability of production and commercial scale-up. Following
extensive techno-economic analysis this project, one of three key
elements of our work in this area, will focus on the scale-up of of
PDCA (2,5-pyridinedicarboxylic acid) from bio-based intermediates
that can be obtained from the lignin breakdown pathway.
This two-year, GBP0.8 million project in collaboration with the
University of Nottingham will use a robust, metabolically diverse
organism (Cupriavidus necator) in a contained environment to
produce PDCA at pilot-scale. The work uses advanced synthetic
biology techniques and state-of-the-art processing for the eventual
production of highly biodegradable, compostable and recyclable
bioplastic polymers suitable for flexible packaging
applications.
Biome Technologies CEO Paul Mines commented:
"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."
The funding, provided by UK Research and Innovation and
delivered by Innovate UK, was awarded as part of a GBP20 million
Open Competition to deliver game changing or disruptive innovations
with significant potential for impact on the UK economy.
The UK Government's Industrial Strategy sets out 4 Grand
Challenges, including Clean Growth, to put the UK at the forefront
of the industries of the future. Exemplifying the focus on
renewable materials, on 5 December 2018, up to GBP60 million of new
public funding was announced for the Smart Sustainable Plastic
Packaging Challenge, through the Industrial Strategy Challenge
fund. Illustrating economic potential of such products, a recent
report by bioeconomy consultants NNFCC found that plastics made
from plants instead of oil, many of which are biodegradable - could
create 34,000 jobs and contribute GBP1.92 billion to the UK economy
in the next decade.
More information about the Group's work in this area can be
found at www.biomebioplastics.com/industrial-biotechnology.
- Ends -
For further information please contact: Biome
Technologies plc
Paul Mines, Chief Executive Officer
Declan Brown, Group Finance Director
www.biometechnologiesplc.com Tel: +44 (0) 2380 867
100
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Broker)
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 that 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.
In 2018, the Board has adopted the following three high level
KPIs for the next three years to continue its ambitious
momentum:
-- Compound revenue growth of 25% per annum across the Group and
40% compound revenue growth in the Bioplastics division
-- Diversify the Group's turnover by product and market to
ensure that no one product or end customer contributes more than
15% of revenues by 2020
-- Increase investment in the Group's next generation of
products by spending significantly more per annum on average than
the GBP0.3m per annum average spend over the previous strategic
objective cycle
www.biometechnologiesplc.com
www.biomebioplastics.com and www.thinkbioplastic.com
www.stanelcorftechnologies.com
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END
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