Biome Technologies (AIM:BIOM) announced today that it has received an order worth US$550,000 from an existing major client operating in the United States packaging market.
The technology firm said the order is the largest single order to date for its heat-stable and compostable bioplastic for coffee pod applications, which was first commercialised in 2019.
The order was won by its Bioplastics Division, one of two segments which the AIM-listed supplier of biodegradable natural polymers operates through. The company added that the order will provide support for the division's financial expectations this financial year.
The bioplastic product takes less than three months to compost in industrial composting environments, the group highlighted, and is designed to provide the structure for coffee pods while preventing deformation when exposed to hot water brewing conditions.
Shares in Biome Technologies have traded solidly over the past three months and were trading 7.89% higher this morning at 210p following the announcement.
The product was developed in the division's R&D facility in Southampton, UK and is now being manufactured in the US on a regular production basis in commercial quantities. Biome said deliveries under the new order are due to be completed in the next two months.
"We believe that there is significant commercial potential for this coffee pod material, as brands in the hot beverage sector move to bio-based and compostable solutions to transform the sustainability of their products,” said Paul Mines, CEO of Biome Technologies.
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