Oxford, United Kingdom, 23 September 2024 – FluoRok, an Oxford-based start-up has raised £7.7 million for the scale-up, manufacture and commercialisation of novel fluorochemical reagents and battery electrolyte salts. The oversubscribed funding round was led by BGF alongside Green Generation Fund and also included battery and energy solution specialist Volta Energy Technologies, FluoRok’s current investors (Oxford Science Enterprises and University of Oxford), Excellis Holding and angels.
Founded in 2022, FluoRok is a University of Oxford spin-out that has developed a highly innovative and unique patented method to access fluorochemicals, a group of chemicals that contain the element fluorine and are key to the world’s energy transition, healthcare and food supply.
With a growing global market currently valued at $24 billion, the manufacture of fluorochemicals currently relies on a centuries-old, carbon-intensive process centred around hydrogen fluoride (HF), one of the most toxic, hazardous and difficult-to-handle chemicals known. In contrast, FluoRok has developed a safe and sustainable approach which completely bypasses HF and provides an environmentally friendly access to fluorochemicals while reducing process costs. FluoRok’s groundbreaking innovation has gained substantial commercial traction, attracting a large pool of potential customers across its core markets, the Li-ion battery electrolyte salts and agrochemicals industries.
The funding will support FluoRok’s team growth and expansion of its production facilities for the initial supply of its fluorinating reagents and lithium hexafluorophosphate (LiPF6), a key component of lithium-ion batteries.
Dr Gabriele Pupo, CEO and founder of FluoRok, said: “We are delighted to welcome BGF and Green Generation Fund along with Volta Energy Technologies to our investor base. Their experience of building successful break-through technology businesses in battery and sustainable technologies will be invaluable. With an outstanding investor syndicate to support us, we continue our mission to make fluorochemicals production safer, cheaper, and more sustainable. This investment will play a huge part in our journey to scale and commercialise our proprietary technology with key partners across the global fluorochemical supply chain, and in accelerating the development of a technology that can provide a reliable and localised supply of a key component of Li-ion batteries.”
Dennis Atkinson, investor at BGF, said: “FluoRok’s approach transforms the safety and sustainability of fluorochemical production while reducing costs. We are particularly encouraged by the significant early demand from customers across the globe and look forward to supporting FluoRok’s journey to disrupt the global market and reach commercial scale.”
Manon Littek, founding partner at Green Generation Fund, said: “FluoRok’s revolutionary process offers a breakthrough for the fluorination industry, enabling access to high-value compounds that are fundamental to the energy transition, global food supply, and our health. As we continue our mission toward a resilient and sustainable future, the Green Generation Fund is thrilled to partner with what we anticipate will become one of the global leaders in fluorination and supply chain independence.”
Dr Jeff Chamberlain, CEO and Founder of Volta Energy Technologies said: “Volta is very enthused about its investment in FluoRok, and is eager to support the company as it commercialises and scales its unique fluorinating agents. The use of FluoRok reagents in the battery industry promises to enable the production of fluorinated electrolyte salts, like LiPF6, without the need to use toxic and corrosive hydrofluoric acid. This will reduce the barrier to entry for new players in the electrolyte industry in Europe and North America. The wide number of applications for FluoRok reagents beyond the battery industry provide great potential for FluoRok to have an impact in many markets across the globe.”
-ENDS-
Note to editors:
About FluoRok: FluoRok is a deep-tech start-up company based in Oxford, UK and focused on fluorochemical manufacturing and licensing. It develops novel and transformational technologies to access fluorochemicals in an efficient, safe and sustainable way. Spun-out of the University of Oxford in 2022, FluoRok’s team has decades of cumulative experience in fluorination chemistry, and extensive manufacturing, commercial and business development expertise.
FluoRok’s proprietary technology directly employs fluorinated waste or naturally occurring fluorite mineral as raw material, to access high value fluorochemicals that are key to the world’s energy transition, our global food supply, and our health. Its innovative solution reduces energy requirements, lowers CO2 emissions, enables reshoring of manufacturing due to intrinsic process safety and introduces for the first time the circular economy in fluorochemical production. Traditional barriers to entry such as high capital expenditure, regulatory challenges, and complex controls of hazardous operations, are circumvented, thus allowing for easy adoption and rapid scale-up of the technology.
Its market focus is Li-ion battery electrolyte salts and agrochemicals.
See: www.fluorok.com
About BGF: BGF was set up in 2011 and has invested £4 billion in over 600 companies to date making it the most active investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 15 offices.
BGF is one of the most active investors in the fields of climate tech having invested in more than 30 climate and sustainability-focused companies, providing over £200 million to support businesses tackling issues such as decarbonisation, resource efficiency, and environmental improvement. BGF is a certified UK B Corporation (B Corp), reflecting its commitment to creating a positive impact across the growth economy.
See: www.bgf.co.uk
About Green Generation Fund: With over €100m in fund size, the Green Generation Fund focuses on early-stage investments, from pre-seed to Series A, across Europe and North America. GGF’s mission is grounded on supporting visionary Green Tech and Food Tech founders, forging the path towards a more resilient global system within planetary boundaries and redefining the status quo of our industries.
See: www.greengenerationfund.com
About Volta Energy Technologies: Volta Energy Technologies is a US based venture fund focused on identifying transformative technologies and businesses that will accelerate the energy transition, with a focus on energy storage and associated technologies. Volta identifies and works with entrepreneurs and companies to solve their most important technical challenges while providing its strategic investors the opportunity to invest in and acquire the most promising of these technology companies. Volta’s portfolio consists of 20 companies with technologies spanning from lithium-ion battery materials to non-rare earth magnets and hydrogen production.
See: www.volta.vc
For media enquiries, contact:
FluoRok – Gabriele Pupo / Clare Simpson
info@fluorok.com
Greenbrook – Peter Hewer / Demi Kurban / Christina Tang
+44 20 7952 2000
BGF@greenbrookadvisory.com