Frontier IP Group PLC (AIM:FIPP) has welcomed news that portfolio firm Deakin Bio-Hybrid Materials raised £693,000 through an oversubscribed funding round.
This will aid development of DeakinBio’s low-energy processes to produce bio-based materials as alternatives to ceramics, Frontier highlighted in a statement on Monday.
Frontier noted the fundraising valued DeakinBio at £2.69 million and left its stake in the firm at 24.8%.
Chief executive Neil Crabb added the investment, which was led by early-stage technology-focused Green Angel Ventures, was “a clear endorsement of DeakinBio's proposition and the rapid rate of development of [its] technology”.
This sees organic waste, such as chickpea broth or algae, mixed with other used materials, like crushed limestone, to produce alternatives to ceramic products.
These do not need to be fired or glazed at high temperatures, meaning the carbon footprint of DeakinBio’s products is 94% lower than conventional ceramic counterparts.
Frontier IP pointed out that this aided the industry in cutting energy prices and reducing emissions in the face of tighter regulation.