Biovation Holdings Inc., a manufacturer and marketer of sustainable, organic materials and biocomposites, today announced that MVC Capital, Inc. (NYSE: MVC), a publicly traded business development company that makes private debt and equity investments, will invest up to $3.05 million in the Company.
Biovation produces organic material made primarily of corn and soybean co-products that, through a proprietary process, can be extruded into flat sheets or rolls. Biovation’s green products are manufactured without formaldehyde or other hazardous and harmful toxins, which are currently found in 100% of the laminates produced today. While numerous potential end markets for Biovation’s products and technologies exist (including decorative laminates (wood grain or granite), transportation, decorative lighting, military, print media, and electronics), Biovation will focus initially on the decorative laminates market under the Biosurf brand name.
Biovation has developed five fundamental film products for the decorative laminate space and each of these products are proprietary technologies with patents pending. The five fundamental film products can then be combined into nearly any kind of Low Pressure Laminate (LPL) or High Pressure Laminate (HPL) decorative laminate.
Michael Riebel, Chief Technology Officer and founder at Biovation said: “With the significant financial and operational resources MVC brings to the company, we can better achieve our near and long-term objectives. MVC has already demonstrated their hands–on investment approach and we look forward to working closely with them as we enter the next phase of our growth.”
Commenting on the investment, Michael Tokarz, Chairman and Portfolio Manager of MVC, said: “We are pleased to partner with Biovation, an innovative and entrepreneurial company with a revolutionary green laminate product and proprietary technology applicable to a large number of end markets.”
Join the Conversation