Olive pits valued at US$ 30 million
The ecofriendly bioplastics made from olive pits by Biolive, which continues its operations at Yildiz Technopark Incubation Center, are used as raw materials in industries, such as automotive interior panel manufacturing, electrical-electronics, food packaging and toys. Unlike the existing plastics made from petroleum and its derivatives, bioplastic-added raw materials made from olive pits decompose in nature completely. Biolive, the initiative undertaken by Duygu Yılmaz who started to research olive pits after her father swallowed an olive pit at breakfast and began to produce ecofriendly bioplastics from these pits as a result of her research, drew all the attention in a short time with the awarded investment with a value of US$ 30 million in the round led by Vestel Venture.
As petroleum resources continue to decrease, petroleum-derived plastics continue to affect human and environmental health adversely. A series of studies shows that plastic wastes are found in 50% of sea creatures. Those who consume these products are also exposed to the harm caused by plastic materials. The results of research showing that it takes minimum 450 years for current plastics to decompose in nature also point to the importance of alternative raw materials.
Bioplastics to account for 40% of the plastics market in 2030
Bioplastics started to replace plastics made from petroleum and its derivatives. As of the last year, bioplastics and bioplastic-added plastics created a market of US$ 30 billion. As a consequence of this rate of increase and the regulations stipulating the compulsory use of bioplastics, 40% of the plastics market is expected to be made up by the bioplastics market in 2030.
Biolive, which achieved a progress from R&D process to production and sales stages upon establishment at Yıldız Technopark Incubation Center, also attracted the attention of investors by producing bioplastic granule additives. Continuing its operations with an investment of US$ 30 million in the round led by Vestel Venture, Biolive produces stronger granules with higher thermal resistance than its foreign competitors.
Goal to have a foothold in minimum 30% of the European and US bioplastic markets
Remarking that they have created an innovative product used with both olive pits and olive oil waste for the first time in the world, Biolive’s Co-Founder Duygu Yilmaz said, “In the venture competition held by Yildiz Technopark and Yıldız Technical University, we ranked first in the Start-up category and received entrepreneurship training in Silicon Valley. Our greatest goal is to have a foothold in minimum 30% of the European and US bioplastic markets in 2 years. Additionally, we have been awarded many international awards and trainings so far.”
Yılmaz remarked that they export to Germany, China and England thanks to their overseas contacts, and said, “We are negotiating for agreements that will develop new sales channels in Europe. In 2018, we represented our country in international clean environment technology in Los Angeles and won the international “Advanced Materials First Prize”. Our product was released on many venture channels in the US and Europe and received a great deal of attention.”
Continuing its investments to enhance its production volume 4 times, Biolive intends to increase its production capacity 5 times in 2 years. The company, maintaining its R&D investments for the production of bioplastics with higher strength, continues to operate around this strategy.
Yıldız Technopark to continue to contribute to the entrepreneurship ecosystem
Prof. Mesut Güner, General Manager of Yıldız Technopark, said, “The increasing environmental pollution brings about many problems. Plastic materials that are very difficult to dissolve in nature harm human health and cause natural resources to be contaminated. Biolive is a pioneer in its industry with its innovative product developed. This is best demonstrated by the great interest shown by investors in a short time. As Yildiz Technopark, we create a business environment that supports entrepreneurship within our technopark. Serving as Turkey’s technological base, we will continue to contribute to Turkey’s entrepreneurial ecosystem uninterruptedly.”
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