Solegear Bioplastics Inc., a cleantech company founded and based in Vancouver, 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 of this year, Solegear announced its commercialization of Polysole and its biocomposite product, Traverse. Since that time, and Solegear has attracted and delivered its product to customers across North America.
Solegear now has a pipeline of business worth over $4,000,000 in recurring business for 2011, and is nearing the end of raising Series A investment; it's decided to immediately pursue further funding due to its growth and 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."
"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."