BioPigment Ltd. has raised $1.2 million from BHCO Group. Norway’s Joma Chemicals AS also invested $1 million in the company. BHCO will acquire a 33% stake in BioPigment, and has an option to increase its stake to up to 42%.
. BioPigment is developing a new method of bio-oxidation using cultured bacteria for making natural iron oxide pigments from iron-containing waste. Iron waste is the food for the bacteria, which break down the metal to create pigments, which in turn are used in the paints, plastics, cosmetics, textiles, food, and design industries.
BHCO says that BioPigment’s pigments have many advantages over chemical oxidation currently used to create industrial pigments. These include a much cheaper production process, a bio-oxidation process that is three times faster than chemical oxidation, and environmentally friendly production of high-quality pigments that improves paint transparency.
BHCO chairman Charles Amar said, “BioPigment is making its first steps in the market. BHCO’s investment and acquisition of marketing rights will help the young company expand its production line to meet its orders.”
Published by Globes [online], Israel business news - www.globes.co.il - on September 3, 2007
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