A PIONEERING Newlyn company that transforms end-of-life fishing nets into high-value materials for 3D printing and injection moulding has surpassed its fundraising campaign.
Fishy Filaments has secured more than £100,000 of investment from more than 215 individuals in 18 different countries through its Crowdcube campaign.
The company, which was established in 2016, recycles old Cornish gillnets into virtually carbon free marine nylon for use in advanced engineering and manufacturing saving fishing fleets hundreds of pounds a ton by recycling it free of charge.
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Its materials are already being used by big names including Philips Lighting, and trials have been conducted with high-profile brands such as L’Óreal, Prada, Ford, and Daimler-Benz.
Ian Falconer, founder and CEO Fishy Filaments, said: “Hitting our Crowdcube target well ahead of close on August 31 is an incredible achievement and, alongside our successful PA-CF powder print, is a major milestone for the business.
“We’re not only making a positive difference to both the environment and to fishing communities around the world by providing a vital second life solution for end-of-life monofilament net, but we’re producing highly commercial recycled products that are in major demand.
“With such a groundswell of support from around the world, and news of our first successful powder print, it’s exciting to think what we might achieve in the remaining days of our Crowdcube campaign. Critically, overfunding will enable us to accelerate our work at pace, allowing us to fast-track our product R&D programme, market our new materials more effectively, and hit our long-term social, environmental and economic goals sooner.”
“With clients including Philips Lighting already on our books and high-profile brands conducting advanced trials with us, we see a bright future ahead.
“Add to that the advancement of our high value 100 per cent recycled nylon PA6-CF powder, and we believe we hold the keys to unlocking the enormous potential of the recycled fishing net market, which could be worth as much as $6-billion a year.”
Fitting into a 40ft container, Fishy Filaments’ recycling and processing plants are designed to be transported to remote parts of the world, requiring only water and power to operate.