UK - Imperial Innovations et al. invest £1m into Plaxica

Imperial Innovations committed £400,000 to the round. Plaxica's technology uses renewable feedstocks to produce a biodegradable polymer known as polylactic acid (PLA). The aim is to make a sustainable polymer at a cost and with the properties that can directly compete with high volume plastics made from fossil oils.

The new funding will be used to develop a less expensive more energy-efficient PLA production process that can be used in applications such as packaging, textiles, housings and automobile parts.

Imperial Innovations provided £250,000 of seed funding for the company when it launched in 2008.

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• UK / Ireland