FluoRok, an Oxford-based start-up has raised £7.7 million in funding. The oversubscribed funding round was led by BGF (which backed Twenty7tec and Kooth) 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.
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.
What role does it play?
With a growing global market of currently valued at $24 billion, 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.
FluoRok, a University of Oxford spin-out founded in 2022 by Gabriele Pupo and Véronique Gouverneur, brings a change in this sector. The company develops novel and transformational technologies to access fluorochemicals in an efficient, safe and sustainable way. The FluoRok’s team has decades of cumulative experience in fluorination chemistry, and extensive manufacturing, commercial and business development expertise.
Sustainable access to fluorochemicals
The company’s technology employs fluorinated waste or naturally occurring fluorite minerals as raw material, to access high value fluorochemicals that are key to the world’s energy transition, global food supply, and our health. Its solution reduces energy requirements, lowers CO2 emissions, enables reshoring of manufacturing due to intrinsic process safety and introduces for the first time the circular economy in fluorochemical production.
Traditional barriers to entry such as high capital expenditure, regulatory challenges, and complex controls of hazardous operations, are circumvented, thus allowing for easy adoption and rapid scale-up of the technology. Its market focus is Li-ion battery electrolyte salts and agrochemicals.
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.”
Investors’ views
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.”
Manon Littek, founding partner at Green Generation Fund, said: “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.”
Dr Jeff Chamberlain, CEO and Founder of Volta Energy Technologies said: “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 provide great potential for FluoRok to have an impact in many markets across the globe.”
