OXFORD, England, Sept. 23, 2024 — FluoRok, an Oxford-based start-up, has secured £7.7 million (US$9.8 million) in funding to expand its operations, manufacture and commercialize innovative fluorochemical reagents and battery electrolyte salts. The oversubscribed funding round was led by BGF, with participation from Green Generation Fund, battery specialist Volta Energy Technologies, existing investors (Oxford Science Enterprises and the University of Oxford), Excellis Holding, and angel investors.
Established in 2022 as a spin-out from the University of Oxford, FluoRok has developed a groundbreaking patented method for producing fluorochemicals, which are chemicals containing fluorine and crucial for the global energy transition, healthcare, and food supply.
The fluorochemical market, valued at $24 billion, relies on a traditional, carbon-intensive process that utilizes hydrogen fluoride (HF), a highly toxic, hazardous, and difficult-to-handle chemical. FluoRok has created a safe and sustainable alternative that completely eliminates the need for HF, providing environmentally friendly access to fluorochemicals while reducing production costs. FluoRok’s innovative approach has gained significant attention, attracting numerous potential customers in key markets such as Li-ion battery electrolyte salts and agrochemicals.
The funding will enable FluoRok to expand its team, build larger production facilities, and begin supplying fluorinating reagents and lithium hexafluorophosphate (LiPF6), a vital component of lithium-ion batteries.
Dr Gabriele Pupo, CEO and founder of FluoRok, said: “We are thrilled to welcome BGF, Green Generation Fund, and Volta Energy Technologies to our investor network. Their extensive experience in building groundbreaking businesses in the battery and sustainable technology sectors is invaluable. With this exceptional investor syndicate, we remain dedicated to making fluorochemical production safer, more affordable, and more sustainable. This investment is crucial in scaling and commercializing our proprietary technology with partners across the global fluorochemical supply chain, and in accelerating technology that will provide a reliable and localized supply of a key component of Li-ion batteries.”
Dennis Atkinson, investor at BGF, said: “FluoRok’s approach revolutionizes the safety and sustainability of fluorochemical production while lowering costs. The significant early demand from customers worldwide is particularly encouraging, and we are excited to support FluoRok’s journey to disrupt the global market and achieve commercial-scale operations.”
Manon Littek, founding partner at Green Generation Fund, said: “FluoRok’s revolutionary process offers a groundbreaking advancement for the fluorination industry, enabling access to compounds essential for the energy transition, global food supply, and health. As we continue our mission to build a resilient and sustainable future, GGF is delighted to partner with a future global leader in fluorination and supply chain independence.”
Dr Jeff Chamberlain, CEO and Founder of Volta Energy Technologies said: “Volta is enthusiastic and eager to support FluoRok as it commercializes and expands its unique fluorinating agents. The use of FluoRok’s reagents in the battery industry promises to enable the production of fluorinated electrolyte salts, such as LiPF6, without the use of toxic and corrosive hydrofluoric acid. This will reduce barriers to entry for the electrolyte industry in Europe and North America. Beyond the battery industry, numerous applications for FluoRok reagents offer the potential to have a significant impact in many global markets.”
Notes:
Enquiries
Photo:
Logo:
SOURCE FluoRok Limited