17th Mar 2021 11:13
(Alliance News) - Biome Technologies PLC on Wednesday said it secured GBP248,000 in funding from the UK government's Sustainable Innovation Fund to complete the development and to reach commercial production of biodegradable tree shelters.
Shares in the AIM-listed company were up 10% to 226.00 pence in London.
Most of the 45 million trees planted in the UK use non-biodegradable tree shelters for protection from animals while they are small, and plans to grow more trees to combat climate change may increase plastic waste, Biome said.
Southampton-based Biome said it will continue to partner with Suregreen, a manufacturer and retailer, on the project.
"This additional funding will help accelerate both the laboratory and real-world testing of this exciting new product, moving it a step closer to large scale commercialisation," Biome Chief Executive Paul Mines said.
Biome made sales of GBP5.7 million in 2020, according to a trading update back in January.
By Ivan Edwards; [email protected]
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