Biome Technologies PLC Grant funding from Innovate UK (1876Y)

TIDMBIOM

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 GBP244k 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 GBP244,000 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 GBP794,000, 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: [phone] 
                                 100 
 
   Allenby Capital 
 David Hart/Alex Brearley (Nominated Adviser) 
  Kelly Gardiner (Sales and Corporate Broking) 
 www.allenbycapital.com         Tel: [phone] 
                                 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

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September 05, 2022 02:00 ET (06:00 GMT)