Funding Round attributes
FluoRok, an Oxford-based startup specializing in fluorochemical reagents and battery electrolyte salts, has raised £7.7 million in a funding round led by BGF and Green Generation Fund. Additional investors include Volta Energy Technologies, Excellis Holding, and angel backers. The company plans to use the funds to scale up production and expand its team, with a focus on manufacturing lithium hexafluorophosphate (LiPF6), a critical component in lithium-ion batteries. FluoRok's innovative process utilizes fluorinated waste and natural fluorite minerals to create sustainable fluorochemical solutions.
The investment will help FluoRok increase its capacity to meet the growing demand for clean energy solutions, particularly in the battery industry. The company is positioned to play a pivotal role in the transition to renewable energy, with LiPF6 being a crucial material for lithium-ion batteries used in electric vehicles and energy storage systems.
The CEO of FluoRok expressed gratitude for the backing from investors, noting that the funding will significantly enhance their ability to scale production and improve their sustainability efforts. He also highlighted the company’s mission to provide environmentally friendly fluorochemical products, emphasizing the need for cleaner production methods in the rapidly expanding battery market.
BGF, the lead investor, cited FluoRok’s innovative approach and market potential as key reasons for their investment. With a strong emphasis on sustainability and scalability, FluoRok’s technology addresses the environmental concerns associated with traditional fluorochemical production while meeting the needs of the growing battery industry.
Green Generation Fund, which focuses on investing in companies promoting sustainability, also highlighted their enthusiasm for FluoRok’s green technology. The use of fluorinated waste and natural fluorite minerals aligns with the fund’s mission to support businesses driving environmental innovation.
FluoRok’s expansion comes at a crucial time for the global battery market, which is experiencing rapid growth due to the increasing demand for electric vehicles and renewable energy storage solutions. By offering a sustainable alternative for producing key materials like LiPF6, FluoRok is positioning itself as a leader in the industry.
In conclusion, FluoRok’s £7.7 million funding round will enable the company to scale its production of fluorochemical reagents and battery electrolyte salts, supporting the transition to cleaner energy technologies. The investment from BGF, Green Generation Fund, and others will help FluoRok further its mission of providing sustainable, environmentally friendly fluorochemical solutions for the growing battery market.
