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.
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