Alasdair Bremner, chief executive, of Alusid, a portfolio company of Frontier IP Group PLC (AIM:FIPP), joined Proactive's Stephen Gunnion after the company raised £1.1 million, including £500,000 from Octopus Investments.
Bremner said the company will use the funding to expand its product range, including a new floor tile made from 98.5% recycled material, boasting one of the lowest carbon footprints in the market. Alusid's mass-produced product 'Principle', consisting of 91.3% recycled material, is already available nationwide. The company also plans to grow its team, focusing on international distribution to leverage global opportunities.
Bremner revealed plans for an IPO later this year, highlighting their scale production in Spain and Italy and a strong validation from Octopus Investments.
The company's patented technology significantly reduces the energy mix in the production process, cutting carbon footprint by 60-69% compared to other market products, according to a study with the Materials Processing Institute.
Alusid's future includes strengthening relationships with major clients like H&M and Starbucks, expanding distribution in Europe, and launching innovative products like a wall tile using recycled glaze. Bremner expressed excitement about these developments and their environmental benefits, promising to keep stakeholders updated on the company's progress.