FIT grants CHF 100’000 to Bloom Biorenewables26.02.2020
Bloom Biorenewables has obtained a Tech Seed loan of CHF 100’000 from the Foundation for Technological Innovation (FIT). The EPFL spin-off develops an alternative to petroleum, by converting the most abundant non-edible biopolymers into added-value chemical products.
Knowing that the chemical industry is undergoing a deep transformation to move away from fossil resources and toward renewable materials, Bloom developed a chemical process to convert with great efficiency non-edible plant material to petroleum analogues. This patented chemical process enables to extract more value from so-called lignocellulosic biomass (e.g. wood or agricultural side streams such as nutshells). The molecules gained from these additional fractions can be used to manufacture a wide range of products, such as plastics, resins, flavours, herbicides, cosmetics or even pharmaceuticals.
Next step: validation
Incorporated in January 2019, Bloom’s first customers are in the Fragrance and Flavour industry, but the team already has initiated several partnerships with other industries, such as cosmetics, plastics, composites and pharmaceuticals. Also supported by Innosuisse, the Gebert Rüf Foundation, and the EPFL Playgrant among others, Bloom will now be able to move from the proof-of-concept phase onto validating their pilot.
“The FIT loan represents an essential support for the production of these “green molecules” on a pre-industrial scale”, explains Remy Buser, CEO and co-founder of Bloom. The start-up plans on exploring the countless new routes together with large multinational companies and helping them innovate responsibly.