Oxford, England-based FluoRok, a deep-tech focused on fluorochemical manufacturing and licensing, announced on Monday that it has secured £7.7M (approximately €9.2M) in a fresh funding round.
The oversubscribed round was led by BGF alongside the Green Generation Fund and included battery specialist Volta Energy Technologies, current investors (Oxford Science Enterprises and University of Oxford), Excellis Holding, and angels.
The funding will support team growth and expanded production facilities for the initial supply of fluorinating reagents and lithium hexafluorophosphate (LiPF6), a key component of lithium-ion batteries.
Dr. Gabriele Pupo, CEO and founder of FluoRok, says, “We are delighted to welcome BGF, Green Generation Fund, and Volta Energy Technologies to our investor base. Their experience in building breakthrough businesses in battery and sustainable technologies is invaluable. With an outstanding investor syndicate, we continue our mission to make fluorochemicals production safer, cheaper, and more sustainable.”
“This investment is critical in scaling and commercialising our proprietary technology with partners across the global fluorochemical supply chain, and in accelerating technology that will provide a reliable and localised supply of a key component of Li-ion batteries” adds Pupo.
FluoRok: Accessing fluorochemicals
In 2022, Prof. V. Gouverneur and Dr. G. Pupo co-founded FluoRok, a spin-out from the University of Oxford. FluoRok has developed a patented method to access fluorochemicals, essential for the world’s energy transition, healthcare, and food supply.
The company’s mission is to find new solutions to improve people’s health and food availability while reducing our impact on the plan.
The UK company develops novel and transformational technologies to access fluorochemicals in an efficient, safe, and sustainable way.
FluoRok’s proprietary technology directly employs fluorinated waste or naturally occurring fluorite minerals as raw material, to access high-value fluorochemicals.
It reduces energy requirements, lowers CO2 emissions, enables reshoring of manufacturing due to intrinsic process safety, and introduces the circular economy to fluorochemical production for the first time.
Its market focus is Li-ion battery electrolyte salts and agrochemicals.
The investor
Founded in 2011, BGF has invested £4B in over 600 companies. It is a minority, non-controlling equity partner with a patient outlook on investments, and it invests in growing businesses in the UK and Ireland through its network of 15 offices.
BGF is active in climate tech, having invested in more than 30 climate and sustainability-focused companies and providing over £200M to support businesses fighting issues such as decarbonisation, resource efficiency, and environmental improvement.
Dennis Atkinson, the investor at BGF, says, “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.”
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.
Manon Littek, founding partner at Green Generation Fund, says “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.”
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.
Dr Jeff Chamberlain, CEO and Founder of Volta Energy Technologies says, “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 provides great potential for FluoRok to have an impact in many markets across the globe.”
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