Biovation, a distributor and manufacturer of organic, sustainable materials and biocomposites, has announced that the company will obtain an investment of up to $3.05 million from MVC Capital.
The company with its proprietary method manufactures organic material for use in soybean and corn co-products, which can be extruded into rolls or flat sheets. Formaldehyde and other toxic substances are not used in the manufacture of the company’s green products, though these are found in most of the laminates manufactured nowadays.
The company will primarily target the decorative laminates market under the brand name, Biosurf, though there is an availability of many potential end markets for the company’s technologies and products.
Five basic film products have been developed by the company for use in the decorative laminate space. Every product is manufactured with the help of company-owned technologies with patents pending. These five basic film products can be integrated into any kind of high pressure laminate (HPL) or low pressure laminate (LPL).
Biovation’s Founder and CTO, Michael Riebel, stated that the significant operational and financial resources brought by MVC, will help Biovation in accomplishing its short and long-term goals. MVC has already proved its hands-on investment approach and Biovation looks forward to close collaboration with them as the company enters the next stage of growth, he added.
MVC’s Chairman and Portfolio Manager, Michael Tokarz stated that MVC is delighted to collaborate with Biovation, which provides a new eco-friendly laminate product and a proprietary technology that can be applied to several end markets, according to Tokarz.