In the week when both the health and importance of the Environment and the World’s Oceans are under the spotlight some of the UK’s most innovative businesses are leading the way towards addressing the world’s issues thanks to private sector investment through the Government’s Enterprise Investment Scheme (EIS).
Commenting, John Oliver from Vala Capital said, “At Vala Capital we have a focus on the innovations that are making a real difference. On World Ocean’s Day it’s fantastic to be able to recognise the work being carried out by some of the portfolio companies we have invested, such as FlexSea, HonuWorx and RAD Propulsion.
FlexSea is tackling the problem of single use plastic, which produces 380 million tonnes of waste annually. FlexSea is developing an innovative seaweed-based bioplastic film that is truly home compostable, and can replace single-use flexible plastic packaging in both food and non-food applications, whilst HonuWorx is a subsea robotics company developing technologies that will revolutionise the way work is carried out subsea. Reducing costs and the environmental impact, HonuWorx aims to open up the underwater world for those who seek to restore, explore and sustainably commercialise the ocean’s resources.”
RAD Propulsions was also supported with investment through One Planet Capital. Declan McEvilly explained, “Rad Propulsion, which is developing electrical marine propulsion systems aims at increasing the functionality and efficiency of marine motors as the industry transitions from fossil fuels to electric power.
RAD was formed in 2018 to develop high-quality bespoke propulsion systems for all types of marine applications, from kayaks to zero-emission vessels. The company is hoping to revolutionise marine electric propulsion as the UK moves towards net zero emissions by 2050.”
In addition to focusing on the cleansing of the oceans, Vala Capital highlights the importance of the environment as a whole.
John Oliver from Vala added:“QFlow addressing the carbon emissions issue within the construction industry, Homethings with a solution to eradicate single use plastics and reduce CO2 emissions from the domestic cleaning industry, and Oxwash which significantly reduces the amount of water, harsh chemicals used, and the release of microplastics in the traditional laundry process are all great examples of further businesses that we have supported. Together they put the UK at the forefront of pushing for a sustainable future.”
The businesses supported by both Vala Capital and One Planet Capital all benefit from private investment through the government’s EIS.
Director General of the EIS Association, Christiana Stewart Lockhart said: “As we marked World Environment Day on Monday and World Oceans Day today, it’s wonderful to see the EIS, and the seed EIS (SEIS) being used to support these fantastic start ups that are addressing such important global challenges. Two further businesses that have benefited from private investment through the schemes are PlantSea and Naturbeads, both of which are shortlisted for awards in the forthcoming EISA Awards to be celebrated at the House of Lords on June 22. All the businesses that are being highlighted today play an important role in seeking to preserve the oceans and contribute to the health of the global environment.”