GAINESVILLE & BOCA RATON, Fla.--(BUSINESS WIRE)--The Florida Institute for Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with US Bioplastics, an Orlando-based company that takes feedstock waste, paper production by-products, or other plant waste to practical use and then returns it to the environment without damaging the ecology.
US Bioplastics’ flagship product GatoresinTM, based on technology licensed from the University of Florida, is a bio-renewable, water-degradable plastic designed for use in highly disposable applications. Gatoresin eliminates the possibility of environmental contamination by replacing non-degradable petroleum-based plastics with materials derived from agricultural and other waste products.
In 2010, 300 million tons of plastic were produced worldwide. One third of all plastics are utilized in disposable packaging like bottles and bags, with nearly 4% of the world’s oil production used as raw material to make plastic, and almost the same amount consumed to make the end product. The plastics are being used for disposable purposes for which they were never intended.
“US Bioplastics recognizes the importance of caring for the environment while preserving the health of people through responsible product manufacturing and development,” said company Founder Lee Strait. “In collaboration with our network of business partners and vendors, we are taking existing waste streams and coupling them with our patented bio-renewable, water-degradable polymer formulas to address plastic contamination in our environment.”
“US Bioplastics is tackling one of the major issues we face today, how to protect the health and sustainability of our environment,” said Jamie Grooms, Institute Chief Executive Officer. “Working with environmentally conscious partners, US Bioplastics is offering a viable alternative to a large segment of oil-based, non-degradable plastics, and is creating a new, clean industry that will benefit Florida and the global community for generations to come.”
About the Institute
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and in the Institute deploys both company building and company funding programs to promising Florida companies. Thirty companies have been funded since the program’s inception.
About US Bioplastics
US Bioplastics recognizes the importance of caring for the environment, while preserving the health of the people through responsible product manufacturing and development. The Company’s flagship product, Gaterosin, stands alone as the earth-friendly, patented polymer that transforms feedstock waste, paper production by-products, or other plant waste into responsible, bio-renewable, water-degradable, short term plastic products.