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Biome Technologies (LON: BIOM) shares are one of the biggest movers on Wednesday after the company said it has secured £248,000 via a further funding contract to complete the development phase and reach commercial production of its biodegradable tree shelter project.
Biome shares are up 31% at 269p, heading into Wednesday’s close.
The news follows the company's completion of an initial feasibility study to develop and test a new generation of biodegradable tree shelters to be made from the Company's novel bioplastics.
The additional funding has come from the Government-backed Innovate UK agency as part of the Sustainable Innovation Fund. Biome said it will support a significant increase in project activity and facilitate further extensive laboratory testing of materials and UK-wide field trials with potential end-customers for the novel biodegradable tree shelters.
“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,” commented Paul Mines, Biome Technologies' CEO.
Biome added that the project is still continuing in close partnership with tree shelter manufacturer, Suregreen.
Should you invest in Biome Technologies shares? Biome Technologies shares are traded on the AIM market of the London stock exchange (the alternative investment market) which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Biome shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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