Plaxica develops technology to manufacture a range of high-performance polylactic acid (PLA) polymers and intermediates for applications including packaging, electronic goods, automotive parts and textiles. The materials are bio-based, fully recyclable and positioned as a lower‑footprint alternative to oil-based materials. The company was founded in 2008 based on work from Imperial College London and is led by CEO Philip Goodier. Plaxica operates a pilot plant facility at the Wilton Centre in Cleveland. It plans to use the new funds to construct a second lactic acid demonstration plant and to advance a number of partnership and licensing discussions. The company licenses its technology and focuses on scaling production via demonstration and commercial partnerships. Plaxica is a London-based developer of new types of polylactic acid (PLA) polymers and platform chemicals made from renewable, sustainable resources. Its PLA materials target applications including packaging, electronic goods, automotive parts and textiles and are expected to offer improved physical properties, full recyclability, a smaller environmental footprint, and cost-competitiveness with oil-based alternatives. The company is advancing its technology toward commercial implementation and licensing and has established a second UK site in Wilton on Teesside focused on process development, scale-up and demonstration. Plaxica is led by CEO Phil Goodier, Chairman Philip Holbeche, and Chief Operating Officer Mark Sutton. The company intends to use recent funding to advance key aspects of its technology toward those commercialization goals and has raised around £10m to date from its investors. Plaxica develops technology to produce a sustainable polymer that can compete on cost and properties with high-volume plastics made from fossil oils. The company focuses on creating high-quality biodegradable plastics from renewable sources. Plaxica aims to develop new and more energy-efficient production methods for these polymers. The recent funding will support continued development and scaling of that technology across a wide variety of applications. The company is UK-based and targets competitive replacement of conventional plastics. No operating metrics were disclosed in the article.

Total raised

$22M

Funding rounds

3

Latest round

Series C

Latest activity

Sep 2013