Oxford-based startup FluoRok has raised £7.7 million to scale, manufacture, and commercialize novel fluorochemical reagents and electrolyte salts for batteries. The round, which exceeded expectations, was powered by BGF alongside the Green Generation Fund and included battery specialist Volta Energy Technologies, existing investors (Oxford Science Enterprises and the University of Oxford), Excellis Holding, and angel investors.
According to Industry sources, founded in 2022, FluoRok is an Oxford University spin-out that has developed an innovative, patented method for accessing fluorochemicals – chemicals containing the element fluorine that are key to the global energy transition, healthcare, and food supply.
Dr. Gabriele Pupo, CEO and Founder of FluoRok, stated: “We are delighted to welcome BGF, Green Generation Fund, and Volta Energy Technologies to our investor base. Their experience in building innovative companies in batteries and sustainable technologies is invaluable. With an exceptional syndicate of investors, we continue our mission to make fluorochemical production safer, cheaper and more sustainable. This investment is critical to scaling up and commercializing our proprietary technology with partners across the global fluorochemical supply chain, and to accelerating the technology that will provide a reliable, localized supply of a key component of lithium-ion batteries.”
Dennis Atkinson, an investor at BGF, stated: “FluoRok’s approach transforms the safety and sustainability of fluorochemical production, whilst reducing costs. It is particularly encouraging that customers around the world have seen significant early demand and we look forward to supporting FluoRok’s journey to revolutionize the global market and achieve commercial scale.”
Manon Littek , Founding Partner of Green Generation Fund, stated: “FluoRok’s revolutionary process represents a major breakthrough for the fluoridation industry, enabling access to compounds critical to the energy transition, global food supply and health. As we continue our mission towards a resilient and sustainable future, GGF is delighted to partner with a future world leader in fluoridation and supply chain independence.”
Dr. Jeff Chamberlain, CEO and Founder of Volta Energy Technologies, stated, “Volta is excited and eager to support FluoRok in the commercialization and scale-up of its unique fluorinated agents. The use of FluoRok’s reagents in the battery industry promises to enable the production of fluorinated electrolyte salts, such as LiPF6, without the use of toxic and corrosive hydrofluoric acid. This will lower the barriers to entry into the electrolyte industry in Europe and North America. Beyond the battery industry, numerous applications for FluoRok’s reagents offer the potential to impact many global markets.”
Industry sources added that with a growing market valued at $24 billion, the manufacturing of fluorochemicals relies on a century-old, carbon-intensive process centered on hydrogen fluoride (HF), a highly toxic, hazardous, and difficult-to-handle chemical. FluoRok has developed a safe and sustainable approach that completely avoids HF and provides environmentally friendly access to fluorochemicals while reducing process costs.
Industry sources further confirmed that FluoRok’s breakthrough innovation has gained substantial traction and attracted numerous potential customers in the key markets for lithium-ion battery electrolyte salts and agrochemicals. The funding will aid team growth and expansion of production facilities for the initial supply of fluorinated reagents and lithium hexafluorophosphate (LiPF6), a core component of lithium-ion batteries. The funding will aid in the team growth and expansion of production facilities for the initial supply of fluorinated reagents and lithium hexafluorophosphate (LiPF6), a key component of lithium-ion batteries.
