VOID Technologies Ltd. (VOID) has announced that it has raised £6m in a funding round led by two investors: SABIC Ventures B.V., a subsidiary of SABIC, ranked as one of the world’s largest petrochemicals manufacturers, and Capricorn Sustainable Chemistry Fund, managed by Capricorn Partners, a Belgium-based asset manager.
VOID has developed a revolutionary technology (called VO+) that engineers a nano-scale cavitated structure into commodity and bio-based plastics, effectively replacing plastic with air. The technology has big implications for the reduction of plastic consumption as it makes existing plastics work harder and perform better by offering the ability to significantly reduce the quantity of plastic used in applications such as packaging by up to 50% while remaining fully recyclable. These new plastic products, made with VO+, are lighter, stronger, and more sustainable.
VOID is working with global polymer producers, packaging manufacturers and consumer goods companies to develop and launch its products. The technology is expected to make a significant contribution in enabling manufacturers, brand owners and retailers to reduce plastic consumption in order to achieve their sustainability targets.
‘We are delighted to have secured investment from two highly regarded investors during what is a very difficult time to raise finance owing to COVID-19. The funds will enable us to expand our laboratory and technology development capabilities and establish manufacturing in both the US and Europe, said James Gibson, founding CEO of VOID.
‘Our technology makes plastics lighter, stronger and more sustainable. We know this proposition is well aligned with market demand for products that use less plastic and we are looking forward to launching products with our partners,’ he added.
Aruna Subramanian, Global Head of SABIC Ventures, said: ‘Sustainability is embedded in the way SABIC does business. Our sustainability programme guides our ambition to be the world’s preferred suppliers of chemicals. To achieve this end, we innovate and collaborate with partners to come up with sustainable solutions for a circular future. VOID’s VO+ is a revolutionary technology to create sustainable products’.
Rob van der Meij, Senior Investment Manager of Capricorn Partners said, “VOID’s VO+ technology is good example how both a significant raw materials reduction and improving properties of the final material can be achieved in a well-established market such as polyethylene film based products. VO+ makes a substantial sustainability improvement possible for many packaging materials, whilst also improving recyclability. VOID is an excellent fit to our Sustainable Chemistry portfolio.”