AIM listing completed
Plantic Ltd of Melbourne, Australia raised £20 million in a listing on the Alternative Investment Market in London, giving a market capitalisation of £50.9 million.
The new funds raised will allow Plantic to invest in further research and development of its biodegradable plastic technology, new product commercialisation and manufacturing.
Grant Dow, Managing Director and Chief Executive said, “Plantic’s innovative and award-winning technologies have already attracted the attention of a range of industrial users. We are delighted that investors have shown similar levels of enthusiasm.”
Our vision is for consumers everywhere to use Plantic-based products that play a significant role in reducing the world’s waste problem.”
Plantic was founded in 2002 to commercialise a proprietary, biodegradable materials technology developed at the publicly funded Cooperative Centre for International Food Manufacturing and Packaging Science. Its first commercial product, Plantic R1, has been sold as a finished product to food and confectionery companies such as Cadbury Schweppes Pty Ltd, Nestle UK Ltd and Lindt & Spruengli (Australia) Pty Ltd in Australia and Europe.
It is expected that the market for biodegradable plastics will reach approximately 214,400 tonnes by 2010. Plantic’s technology is based on the use of high-amylose corn starch sourced from renewable resources that are not genetically modified.
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