Sky Group has launched a new investment vehicle to support ideas and businesses in resolving oceans plastic crisis.
Sky Ocean Ventures is a new investment vehicle that will work with businesses and innovators to solve routine plastic problems.
The new vehicle is provided with an initial investment of £25m, and the funding will be increased up to £100m with the support of other businesses.
Sky Ocean Ventures will support businesses and innovators to develop plastic packaging alternatives and new technology for the home to help assist recycling.
The funding will be provided to ideas that will help develop alternative solutions to coffee cups, plastic bottles and plastic bags, as well as for the technology that promote recycling among consumers, retailers and local authorities
In addition to Sky Ocean Ventures, the group is also launching Innovators in Residence, an incubator project that will help businesses to pilot and test their products at Sky’s London campus.
The pilot project will allow businesses to secure insight on consumer responses and the the practicality of their products in live environments.
Skipping Rocks Lab is a London start-up that will use the pilot project to initiate the use of natural materials extracted from plants and seaweed with replacing traditional plastic packaging.
The first products will comprise of juices and water contained in biodegradable seaweed orbs, in addition to solutions for sauces and condiments.
Sky’s Group CEO Jeremy Darroch said: “We think it’s time businesses stop dumping harmful plastic in to the sea and instead start pumping more money into innovation.
“Sky Ocean Ventures is a bold new creation that will support breakthrough thinking and invest in promising new ideas that will help turn off the plastics tap.
“We look forward to working with other like-minded organisations who can help us find and support innovators who are developing products, materials and business models that will create meaningful change.”
