Sky Ocean Ventures has teamed up with the Government to invest in ten UK companies that have identified innovative solutions to solving the ocean plastic crisis.
The ideas range from biodegradable water bottles and packaging made from seaweed, right though to a way of reducing the plastic microfibre waste that comes from the clothes we wear, by developing clothes that grow with children.
Launched in March 2019, Sky Ocean Ventures is a £25 million impact investment fund committed to accelerating young companies and entrepreneurs who are developing idea to help stop plastic waste.
It is part of Sky’s Bigger Picture initiative and is the solutions arm of the Sky Ocean Rescue campaign, which shine a light on the issues that affect ocean health.
This year, Sky Ocean Ventures and Innovate UK have announced a £6 million joint funding commitment in the global battle against plastic pollution.
These ten UK companies are the first to be funded under the commitment.
Jeremy Darroch, Group Chief Executive at Sky, said: “At Sky we recognise that we have a responsibility beyond our business. That’s why we’re supporting these ten innovators through Sky Ocean Ventures, the impact investment fund we set up as part of our commitment to help create a better and plastic-free future for our oceans.”
“By investing in innovative new products and materials, we will help turn off the plastics tap.”
Business Secretary Andrea Leadsom, said: “Trailblazing UK businesses are giving us all the choice to buy more sustainable clothing, packaging, and cosmetics that are better for our environment.”
“Consumers have shown they are keen for green and we’re committed to championing those innovative companies that lead the way in this, protecting the planet while at the same time opening up huge opportunities for the UK economy.”
The first investment was awarded to Naturbeads, a company working to manufacture a replacement to microbeads.
The other nine companies receiving funding are Bagboard, Blue Green Vision, Choose Water, DAME, Flexi-Hex, HD Wool, Oceanium, Petit Pli, and one biotech company that is not disclosing its work until publication of its scientific discovery later this year.