Start-Up Success: Algreen
Rethinking Materials provides a unique platform for entrepreneurs to showcase their dynamic innovations and success stories, driving transformative solutions that increase circularity.
December 4, 2024
Since participating as a featured start-up at the Rethinking Materials Summit earlier this year, Algreen was nominated for the 2024 Earthshot Prize in recognition of its work to develop bio-based alternatives to oil-based plastics and other fossil-derived materials.
We caught up with COO, Roderick Thackray, to discuss recent key milestones, commercialisation, and navigating the challenging economic landscape.
In no more than 50 words, explain what challenge you address and what your value proposition is. Be specific.
Polyurethane represents 8% of world plastics.
Algreen replaces oil-based polyurethanes with fully biobased, novel biodegradable, recyclable, recircular alternatives, reducing carbon emissions and micro plastic waste. By offering sustainable solutions across industries including automotive, cosmetics and fashion, we help eliminate the environmental impact of conventional polyurethanes, targeting a 30% reduction
in CO2 emissions by 2029.
What are your company’s key milestones since Rethinking Materials back in May?
Our key milestones are primarily to scale our products so we are of real benefit to our customer base, across industries.
As we do this, we are pleased to announce we have been recognised in Bloomberg’s Top 25 UK start ups to watch and as a Deep Tech Pioneer by Hello Tomorrow.
How did your involvement in the summit support your company objectives?
Involvement in the summit allowed us to connect with both existing and future customers plus investors that will become fundamental to our future growth.
Considering market dynamics and your company’s internal development, what is driving your commercialisation strategy? What have been the pivotal “aha” moments that shaped this strategy?
Our strategy has always been to licence our products, to create scale quickly, economically and viably, using large chemical company capacity that is currently creating fossil based Polyurethane, thereby shifting the focus to biobased products without job losses, which may have otherwise been inevitable.
What is your strategy for weathering the current economic climate and turning growth into profitability?
The demand we have witnessed for our products, driven by consumer demand and more importantly, the legislation particularly in Europe.
Our low Capex model, utilising existing infrastructure in the supply chain of our Tier 1 branded customers, will ensure job retention, speed to market and timely adoption across sectors and resilience in a difficult market.
What advice would you offer start-ups who are fundraising in today’s challenging economic climate? Why should they get involved in Rethinking Materials 2025?
In today’s tough economic climate, startups must focus on proving their scalability and impact. Highlight clear cost benefits, demonstrate strong market demand, product market fit, emphasise the long-term sustainability and viability of your solution. Investors are increasingly looking for companies with strong environmental value propositions.
Attending Rethinking Materials 2025 offers invaluable exposure to key investors, corporate leaders and industry experts focused on sustainable innovation. It’s an opportunity to build strategic partnerships, gain insights into market trends and position your company in front of those actively funding green solutions in the growing materials sector.
Join the Rethinking Materials Summit to connect with emerging start-ups, scale-ups and accelerators and explore cutting-edge solutions shaping a sustainable future through material innovation. Discover start-up opportunities.
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