Solegear Bioplastics Inc., a clean technology company founded and based in Vancouver, BC, has been recognized by Frost & Sullivan with the 2010 North American Award for New Product Innovation of the Year for its Polysole® Bioplastic.
In June 2010, Solegear announced its commercialization of Polysole® and its biocomposite product, Traverse®. Since that time, and exceeding initial projections, Solegear has attracted and delivered product to customers across North America. Solegear now has a pipeline of business worth over $4,000,000 in recurring business for 2011.
Solegear is nearing the end of raising Series A investment and has decided to immediately pursue further funding due to its rapid growth and recognized market position.
“Solegear, with its dedicated focus on research and development for four continuous years, has been able to overcome the challenges of producing biopolymers with properties that are required for high-performance applications,” says Frost & Sullivan Industry Analyst Deepan Kannan. “Polysole® is completely bio-based as the polymer utilizes proprietary additives that are entirely natural and organic. The company has, thus, ensured that there is no compromise on the renewable content of the material, which is an industry-leading development.”
Each year, Frost & Sullivan presents this award to a company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value added features and benefits of the product, and the increased ROI it offers customers, which in turn increases customer acquisition and overall market penetration potential.
“The Frost and Sullivan award is an important milestone for Solegear,” said Edward Trueman, Solegear’s CEO. “Not only have our years of R&D been recognized as industry-leading, our commercial performance and expectations of significant market penetration have been further validated. This award demonstrates the real-world bioplastics technology results that we expected to achieve, and plan to further extend, all of which supports our customers’ and investors’ belief in Solegear.”
Solegear, based in Vancouver, BC, designs, produces and distributes high-performance bioplastics. Founded in 2006, Solegear has worked in R&D for four years with an international team of scientists to develop Polysole® – a 100% natural, non-toxic, high performance biodegradable plastic. Solegear has also recently launched Traverse® – a complementary, high-performance biocomposite that uniquely blends natural fibres with traditional plastics.
Source: Solegear Bioplastics, press release, 2010-08-31.