The revolutionary packaging is made of 90 per cent corn starch, produced from Australian crops that have not been genetically modified. When combined with certain organic chemicals, this bio-friendly ingredient has the strength and other behavioural properties of conventional plastics.
Whilst it is rigid enough for food packaging – Cadbury’s Milk Tray range is packaged using the material – it breaks down on contact with water. Dug into a compost heap, the product will completely decompose in a month. The technology was developed by scientists from Swinburne University of Technology, CSIRO and the University of Queensland, and is being commercialised by the Laverton firm which has recently opened offices in Germany and the UK.
Plantic Technologies has attracted considerable attention and is chaired by former Minter Ellison chief and present Melbourne IT chairman, Rob Stewart. David MacInnes, managing director, says the plastic is a world-first and competes head-to-head with petrochemical-based products in terms of both cost and functionality. “The plastics industry is the largest market in the world and packaging comprises 40 per cent of it,” MacInnes says.
Whilst current turnover is a relatively modest A$2m per year, MacInnes expects Plantic to turn over $150 million by 2007. He expects the company, which was kickstarted with $11.5 million of venture capital two years ago, would undergo a trade sale eventually, rather than a public float.
In honour of its achievement, the Plantic Technologies joins the Australian Museum’s Immortals Program and a recently discovered species of fly found in the Pacific Islands will be named after it: Krakatauia planticorum.
Plantic joined 22 other winners at the Eureka Prizes dinner. Now in their 15th year, the Australian Museum-backed prizes recognise Australian scientific and industrial achievement in innovation, research, education and communication.
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