FluoRok, an Oxford-based startup, has raised £7.7 million for the scale-up, manufacture and commercialisation of novel fluorochemical reagents and battery electrolyte salts.
The oversubscribed funding round was led by BGF alongside Green Generation Fund and also included battery and energy solution specialist Volta Energy Technologies, FluoRok’s current investors (Oxford Science Enterprises and University of Oxford), Excellis Holding and angels.
Founded in 2022, FluoRok is a University of Oxford spinout that has developed a highly innovative and unique patented method to access fluorochemicals, a group of chemicals that contain the element fluorine and are key to the world’s energy transition, healthcare and food supply.
The manufacture of fluorochemicals currently relies on a centuries-old, carbon-intensive process centred around hydrogen fluoride (HF), one of the most toxic, hazardous and difficult-to-handle chemicals known.
In contrast, FluoRok has developed a safe and sustainable approach which completely bypasses HF and provides an environmentally friendly access to fluorochemicals while reducing process costs.
FluoRok’s groundbreaking innovation has gained substantial commercial traction, attracting a large pool of potential customers across its core markets, the Li-ion battery electrolyte salts and agrochemicals industries.
The funding will support FluoRok’s team growth and expansion of its production facilities for the initial supply of its fluorinating reagents and lithium hexafluorophosphate (LiPF6), a key component of lithium-ion batteries.
Dr Gabriele Pupo, CEO and founder of FluoRok, said: “We are delighted to welcome BGF and Green Generation Fund along with Volta Energy Technologies to our investor base. Their experience of building successful break-through technology businesses in battery and sustainable technologies will be invaluable.
“With an outstanding investor syndicate to support us, we continue our mission to make fluorochemicals production safer, cheaper, and more sustainable. This investment will play a huge part in our journey to scale and commercialise our proprietary technology with key partners across the global fluorochemical supply chain, and in accelerating the development of a technology that can provide a reliable and localised supply of a key component of Li-ion batteries.”
Dennis Atkinson, investor at BGF, said: “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.”
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