Vancouver-based Solegear Bioplastics Inc., which came out of four years of stealth mode last summer, has received another award for developing a natural bioplastic the company claims biodegrades within weeks of disposal.
The Canadian Youth Business Foundation (CYBF) has given Solegear the 2010 Best Green Business award.
This is Solegear's fifth major award since August.
Toby Reid founded Solegear in 2006 to develop “the world's first 100% natural, high-performance biodegradable plastic.”
The bioplastic, says Reid, addresses growing pollution, increasing energy consumption and a destabilizing oil supply.
The CYBF, with assistance from Small Business BC, provided Reid with his initial funding five years ago. Solegear has commercially launch two product lines.
Its early customers include some of the largest plastic product manufacturers in the world.
The company is raising $3 million to meet higher-than-expected market demand and to fund the installation of its own manufacturing facility.
In September, at the New Ventures BC competition, Solegear was awarded the $65,000 second prize and a $40,000 prize for sustainability. It was also awarded the $20,000 economic impact prize. (See: “Tech startups and researchers lauded at New Ventures BC competition” – BIV Business Today, September 24.)
Frost & Sullivan recently gave Solegear the 2010 New Product Innovation of the Year Award in bioplastics.
Solegear has raised more than $300,000 to date and worked with the University of British Columbia and the National Research Council of Canada to develop its lead product, which is branded as polysole.