Northern Gritstone is an investment firm focused on investing in advanced materials, energy, health technology and cognitive computation.

Northern Gritstone

Floreon

Floreon is a specially formulated compound, which is added to standard bioplastic, polylactic acid (PLA) to create an innovative material with a sustainable origin and a range of end of life options. It was created from a desire for a greener, safer form of plastic. Unhappy with the options available they decided to develop their own. After four years and a Knowledge Transfer Partnership (KTP) with the University of Sheffield a unique, environmentally friendly, fully compostable and high performing bioplastic was born.

Earth-friendly biotech solutions for the textile, packaging and construction industries.

Bio-based Materials

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 Floreon
 
 
 
 
 Floreon is a UK-based company that uses sugar cane and corn to create bioplastics. The company&rsquo;s eponymous bio-based thermoplastic is available in four grades: Durable/Dura-Tech; Flame Retardant/Therma-Tech; Injection Molding/Bio-Tech; and Extrusion/Floreon 3D-based on customer needs. Floreon has an 85% PLA content while retaining similar performance characteristics to ABS plastics, such as impact strength and Vicat softening temperature. The company claims its bioplastics production involves up to 6&ndash;7x lower emissions compared to traditional oil-based plastics.
 
 
 
 
 Use cases for the company&rsquo;s products include injection molding, toys, cutlery and drinkware, consumer electronics, home furnishings, packaging, and horticultural products. Floreon is also halogen-free in production and compatible with chemical and mechanical recycling. It can also be used in industrial composting, and the company is working on making its bioplastic home compostable.
 
 
 
 
 Key customers and partnerships:
 
 
 Floreon partnered with the Biorenewables Development Centre for a chemical recycling trial, where it was able to recover 100% of the lactic acid feedstock which can be used to regenerate virgin polymer with no downcycling required. The company partnered with Tooth.eco to develop a plastic to be used for a single-use toothbrush in September 2021.
 
 
 
 
 Funding and Financials:
 
 
 In 
 <a href="https://sp-edge.com/updates?industryIds=45">
 November 2023
 </a>
 , the company secured GBP 2 million (~USD 2.5 million) in a Series A funding round led by Northern Gritstone to expand its team and facilitate the market introduction of its bioplastic products.
 
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 Bolt Threads manufactures vegan &ldquo;spider&rdquo; silk and mycelium-based materials. Bolt Threads develops isolated silk proteins from proteins inspired by spider silk through a yeast fermentation process. The company&rsquo;s Microsilk products are sold under its clothing brand, Best Made Co. The company has also developed another biomaterial using mushroom-based mycelium, an alternative leather product branded as Mylo, which was expected to be produced on a larger scale.&nbsp;
 
 
 In September 2021, Bolt Threads announced its plans to produce Mylo on a commercial scale by the end of 2022 and expected to collaborate with mushroom farmers to heighten its mycelium crops. Though the company reported 
 <a href="https://sp-edge.com/updates/19867">
 halting production of Mylo
 </a>
 in June 2023 due to inflationary pressure and lack of funding, in October 2023, the company announced entering a 
 <a href="https://sp-edge.com/updates/22431">
 SPAC deal
 </a>
 to go public on the Nasdaq.&nbsp;
 
 
 For its Microsilk product, Bolt had a production capacity of 32,000 sq ft per annum as of 2018. Since Microsilk remains significantly more expensive than traditional silk, the founders were seeking ways to scale up.&nbsp;
 
 
 Key customers and partnerships
 
 
 For its Microsilk product, Bolt Threads launched its first collaboration in 2017 with fashion designer Stella McCartney and introduced its second prototype in the form of a biodegradable tennis dress.
 &nbsp;
 
 
 The leather alternative Mylo has been used in collaborations with Stella McCartney, Seattle-based leather bag manufacturer Chester Wallace, and Canadian athletic apparel retailer Lululemon. In October 2020, the Mylo Consortium was also formed including Adidas, Stella McCartney, Kering, and Lululemon, who collectively have made a seven-figure investment into Bolt Threads to produce Mylo. In return for their investments, these brands would have access to a large supply of the product.&nbsp;
 
 
 Stella McCartney has been experimenting with Mylo to create clothing prototypes with plans to use the material in upcoming collections. Adidas used Mylo to produce high-performance footwear for the first time in April 2021 by making a vegan version of its &ldquo;Stan Smith&rdquo; sneaker design that dates back to 1965 and had plans to expand the use of Mylo material in its other products including handbags, wallets, shoes, jackets. In February 2022, 
 <a href="https://sp-edge.com/updates/8404">
 Lululemon
 </a>
 launched a Mylo-based yoga bag collection, which included a multipurpose yoga bag and a storage bag for workout gear. Mylo was also used by Danish luxury brand Ganni for the launch of its limited edition Mylo-based wallet range and one-of-a-kind saddle-bags in June 2022. Ganni&rsquo;s partnership with Bolt Threads included plans to release more Mylo-based products in Q1 2023. With growing demand for its Mylo product, 
 <a href="https://sp-edge.com/updates/8884">
 in February 2022, 
 </a>
 the company partnered with Mycelium Materials Europe (MME) for the commercial production of Mylo but had not been able to materialize its plans.
 
 
 Funding and financials
 
 
 The company&rsquo;s last funding round was a USD 123 million Series D in January 2018 led by Baillie Gifford. The funds were used to commercialize the company&rsquo;s Microsilk&nbsp;products.
 
 
 
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Bolt Threads

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 MycoWorks is a manufacturer of alternative leather using mushroom-based fungi. Its proprietary brand, Reishi, is manufactured using a patented process called &ldquo;Fine Mycelium&rdquo;, which uses fungi&rsquo;s capacity to bind to itself and carbon-based materials in producing durable three-dimensional material. The benefits of Reishi, according to MycoWorks, include its tensile strength (the force needed to pull material to its breaking point) at 10 Megapascals (MPa), compared to the average cowhide tensile strength of 8.5 MPa. Reishi is also customizable (in terms of sizing and specifications) allowing growing direct-to-design products that eliminate waste from cutting and trimming.
 
 
 The company has commercialized Reishi following testing in clothing, shoe, wallet, and handbag design applications. The company indicated in November 2020 that the first luxury fashion and footwear products containing Reishi will be launched in partnership with leading fashion and footwear brands in the coming months. MycoWorks also partnered with Herm&egrave;s, the French luxury goods manufacturer, in March 2021 to use a material named &ldquo;Sylvania&rdquo;(a Fine Mycelium-based material developed by the two companies over three years) in a sustainable version of Herm&egrave;s&rsquo;s &ldquo;Victoria&rdquo; travel bag, by the end of 2021. MycoWorks announced the first fashion products made from Reshi by luxury hatmaker Nick Fouquet 
 <a href="https://sp-edge.com/updates/11778">
 in July 2022
 </a>
 , where he launched a limited-time hat collection called the &ldquo;Reshi&rdquo; Collection&rdquo;.&nbsp;
 
 
 Mycoworks operates three Reishi plants as of January 2022. The third plant in California has an annual production capacity of 80,000 sq ft of material per year, increased the company&rsquo;s production tenfold, and reportedly reached a milestone of producing 10,000 trays of Fine Mycelium after a year of operation. The company is also building a new USD 107 million worth manufacturing facility in Union, South Carolina, with operations expected to commence in 2023. The new facility reportedly is expected to produce several million sq ft of Fine Mycelium per year. 
 In August 2023, the company announced opening a 
 <a href="https://sp-edge.com/updates/20757">
 136,000 square foot plant 
 </a>
 &nbsp;which will produce Reishi that has been embraced by luxury brands like Herm&egrave;s and Ligne Roset for various applications and was expected to begin operation on September 20, 2023.&nbsp; 
 
 
 <a href="https://sp-edge.com/updates/7804">
 In January 2022
 </a>
 , MycoWorks raised USD 125 million in a Series C funding round led by Prime Movers Lab. The funding was expected to accelerate commercial production of Reishi and support in R&amp;D, technology development, and hiring new employees. The company also received a strategic investment (amount undisclosed) from GM Ventures in 
 <a href="https://sp-edge.com/updates/13861">
 October 2022
 </a>
 as part of a strategic partnership where they will jointly develop mycelium leather materials for end-use applications in automotive design.
 
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MycoWorks

<div>
 
 Checkerspot is a manufacturer of microalgae-based performance materials which are used to produce consumer products, including skis and surfboards. The company modifies microalgae&rsquo;s genes to derive new molecular building blocks and then bioengineers production of consumer products. Microbes are optimized to biomanufacture unique, natural structural oils that were previously not accessible on a viable, commercial scale. The company&rsquo;s primary focus is on high-performance polyurethanes and coatings made from bio-based oil via fabrication.
 
 
 The company&rsquo;s commercialized products include Algal Core (a light-weight urethane-based composite) and Algal Wall (cast urethane), both products are offered under the WNDR Alpine brand while algal oil is sold under the miDori bioWick. In February 2021, WNDR Alpine, Checkerspot&rsquo;s outdoor brand, received the B Corp Certification, private certification granted to for-profit companies by the B Lab, a global non-profit organization formed to support the movement of using businesses as a force for good.&nbsp; The company has partnered with Beyond Surface Technologies (BST) to commercialize miDori BioWick, an algal oil used in BST&rsquo;s wicking textile finish. As of August 2020, the company&rsquo;s co-development partners also included W.L. Gore and DIC Corporation.
 
 
 In its latest funding round in 
 <a href="https://sp-edge.com/updates/16362">
 February 2023,
 </a>
 Checkerspot raised USD 55 million in Series C funding led by ArrowMark Partners to accelerate the development and commercialization of biobased alternatives for everyday products and expand into markets, such as industrial applications, personal care, and food and nutrition.
 
 
 
 
 
 
 
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Checkerspot

<div>
 
 Based in California, Mi Terro uses a proprietary process that extracts proteins, fibers, and starch from milk and agricultural waste to produce sustainable yarn and bio-based plastics, respectively. The milk-based yarn is made using a self-developed technology known as Pro-Act that extracts casein protein molecules from milk, which is then purified and undergoes a dynamic flow shear spinning process to convert the casein to sustainable fiber. The resulting yarn is claimed to be three times softer than cotton and has applications in textiles, food packaging, bedding, personal care, and medical sectors. Mi Terro has also developed a limited-release ocean-waste duffle bag. 
 
 
 The company sold its bio-based yarn textile to customers in Japan following a B2C business model. The company reports that USD 100,000 worth of these materials were sold by 2020. At this time, Mi Terro shifted its focus from producing milk-based yarn products to producing bio-based plastic material using agricultural waste. The bio-based plastic is also made using the same two-step process that involves extracting proteins, fibers, and starch from the waste and modifying them to create a polymer to produce straws, containers, boxes, and flexible films. The company states that its plastic material is similar to polyvinyl alcohol and claims that it can decompose in 180 days at industrial composting facilities.
 
 
 As of May 2021, the company has partnered with Nike, Danone, Toyoshima, DFA, Mitsubishi, Lair East Labs, Dole, Budweiser, and Harada.
 
 
 In January 2021, the company also won the Meda Million Dollar Challenge and received a USD 300,000 prize. 
 <a href="https://sp-edge.com/updates/8930">
 In March 2022
 </a>
 , the company raised USD 1.5 million in seed funding led by Astanor. The funds would support Mi Terro in scaling up production at its planned facility in China. 
 
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Mi Terro

<div>
 
 Modern Meadow develops collagen-based materials from plant proteins, using a range of biofabrication processes including the creation of bio alloys, solution dyeing, protein design, and fermentation. The focus of the company is on the luxury branded market with its fully biodegradable proprietary brand, &ldquo;ZOA&rdquo;. Modern Meadow also reports that it is developing &ldquo;Bioleather1 (BL1)&rdquo;, an alternative to chrome tanned bovine leather made using its proprietary BioAlloy process. According to research published by the company in 
 <a href="https://sp-edge.com/updates/8431">
 February 2022
 </a>
 , BL1 reduces greenhouse gas emissions by 80% and 20% compared to traditional and synthetic leather respectively. It also reduces water consumption from groundwater sources, land use, and the subsequent degradation of water bodies during the process by 95% compared to conventional leather production.
 
 
 In April 2020, Modern Meadow announced plans to commence commercial production later that year and was actively looking for manufacturing partners. As of the same date, Modern Meadow employed between 70-90 staff at its 72,000 sq ft factory in New Jersey.&nbsp;
 
 
 Key customers and partnerships
 
 
 Modern Meadow announced a partnership with Evonik in March 2018, to develop and scale-up the commercial production of fermentation-based products.
 
 
 In April 2021, the company reported that it would announce collaborations with fashion brands and industry partners during the following six to nine months. In 
 <a href="https://sp-edge.com/updates/15657">
 January 2023
 </a>
 , Modern Meadow partnered with Taiwan-based sustainable fabric company, Singtex to develop biomaterials for various applications, beginning with a sustainable, waterproof, membrane-based material for the outdoor apparel market. In 
 <a href="https://sp-edge.com/updates/16786">
 February 2023
 </a>
 , the company partnered with US luxury brand, Tory Burch, to launch Tory Burch&rsquo;s first plant-based leather alternative tote, the Ella Bio, powered by Modern Meadow technology, Bio-Alloy.
 
 
 In June 2023, it also formed a strategic partnership with 
 <a href="https://sp-edge.com/updates/19178">
 Navis TubeTex
 </a>
 , a provider of textile machinery, to develop a sustainable textile manufacturing process. During the same month, it also formed a strategic partnership with 
 <a href="https://sp-edge.com/updates/19868">
 BASF
 </a>
 to create an animal-free material called Bio-VERA that replicates the look, feel, and aging properties of traditional leather, suede, or chamois.
 
 
 Funding and financials
 
 
 In April 2021, the company raised USD 130 million in a Series C funding round led by Key Partners Capital to (i) develop the company's biofabrication technology, used in creating an alternative to fossil-fuel-based textile coatings; and (ii) scale-up and commercialize its collagen-based leather material.
 
 
 
 
 
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Modern Meadow

Reuses waste to create bio-based materials

Sustainable alternatives to materials like animal leather, silk, plastic

Developers of alternative materials for industrial applications such as sporting goods, electronic components, and automotive parts

Floreon

Bio-based Materials

Key stats

EDGE Insights

Circular materials (Q4 2023): Funding cools off while battery and textile recycling activities soar

Recent Updates

Floreon secures GBP 2 million funding to expand operations

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