A potential supplier of plastics based on renewable materials has received a $1.6 million investment injection, with 75% of that from two new investors won over by the firm’s story. Plaxica (London, England) is the start-up, is still in development stages, and is using materials technology developed at Imperial College London; the company is in fact based at the College.
The £1m ($1.6 million) in equity funding comes from existing investor Imperial Innovations Group plc, which kicked in 25% of the total, and from two new investors, Carbon Trust Investments Ltd. and the National Endowment for Science, Technology and the Arts (NESTA). Plaxica claims that the materials it is developing will be cheaper to produce and have improved properties compared with biopolymers currently available. The company’s science derives plastics based on polylactic acid (PLA), the same material supplied by the largest bioplastics player, NatureWorks.
Plaxica reports it will use the new investment to continue developing processes aimed at reducing production costs of PLAs to the point where the material can compete on a cost-basis with petroleum-based plastics. —[email protected]