07 January 2008
07 January 2008
GreenCore Composites Inc., a natural-fibre composite company spun off from University of Toronto research, has received an investment of $755,000.
The funding comes from the Ontario BioAuto Council Commercialization Fund, an organization that targets commercialization and market development of biomaterials for Ontario’s automotive sector.
GreenCore, a company that both started up and spun off through the university’s commercialization arm, the Innovations Group, was begun by U of T forestry and applied chemistry professor Mohini Sain. The company has developed proprietary technologies to manufacture natural fibre-reinforced composites for use in products such as auto parts. One technology in particular, Green Inside pellets, caught the eye of the Ontario Bio-Council. By replacing petroleum-based materials with sustainable natural fibres, Green Inside compounds can more than double the strength of the base polymer while offering added environmental benefits.
“Green Inside™ made our decision to invest very easy,” said Dr. Bernard West, chair of the Ontario BioAuto Council. “We are excited to support the commercialization of this world class technology in an Ontario enterprise.”
“GreenCore Composites has been working aggressively to commercialize this technology as we see immediate opportunity for our novel composites in Ontario’s industrial sectors – most notably the automotive sector,” said Geoff Clarke, president and CEO of GreenCore Composites. “The investment from the BioAuto council will go a long way to accelerating our product development and refining our production processes”.
The Ontario BioAuto Council is a not-for profit organization working to link auto-parts manufacturers, automotive assemblers and the chemical and plastics industry with agricultural and forestry companies to produce materials and chemicals from biological feedstocks.
Biomaterials are experiencing strong growth around the globe, charged in part by environmental concerns as well as the shift in petroleum prices. The resulting market for materials derived from biological feedstocks is estimated to reach $50 billion by 2015.
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