The round was led by BGF, with additional backing from Green Generation Fund and Volta Energy Technologies, alongside existing investors Oxford Science Enterprises and the University of Oxford. Excellis Holding and individual investors also participated.

Founded in 2022 as a University of Oxford spin-out, FluoRok has developed a patented technique that offers a novel way to produce fluorochemicals – compounds vital for sectors such as energy, healthcare, and food supply. Fluorochemicals, containing the element fluorine, currently represent a global market worth $24 billion.

Traditionally, the production of fluorochemicals involves hydrogen fluoride (HF), a highly hazardous and carbon-intensive chemical. However, FluoRok's innovation bypasses the need for HF, offering a safer, more sustainable approach that lowers costs and reduces environmental impact. This breakthrough has captured significant commercial interest, particularly in the lithium-ion battery and agrochemical markets.

The new funding will enable FluoRok to expand its team and scale its production facilities, with a focus on producing its proprietary fluorinating reagents and lithium hexafluorophosphate (LiPF6), a critical component in lithium-ion batteries.

Dr Gabriele Pupo, CEO and founder of FluoRok, said: “We are delighted to welcome BGF and Green Generation Fund along with Volta Energy Technologies to our investor base. Their experience of building successful break-through technology businesses in battery and sustainable technologies will be invaluable. With an outstanding investor syndicate to support us, we continue our mission to make fluorochemicals production safer, cheaper, and more sustainable. This investment will play a huge part in our journey to scale and commercialise our proprietary technology with key partners across the global fluorochemical supply chain, and in accelerating the development of a technology that can provide a reliable and localised supply of a key component of Li-ion batteries.”

Dennis Atkinson, investor at BGF, said: “FluoRok’s approach transforms the safety and sustainability of fluorochemical production while reducing costs. We are particularly encouraged by the significant early demand from customers across the globe and look forward to supporting FluoRok's journey to disrupt the global market and reach commercial scale.”

Manon Littek, founding partner at Green Generation Fund, said: “FluoRok’s revolutionary process offers a breakthrough for the fluorination industry, enabling access to high-value compounds that are fundamental to the energy transition, global food supply, and our health. As we continue our mission toward a resilient and sustainable future, the Green Generation Fund is thrilled to partner with what we anticipate will become one of the global leaders in fluorination and supply chain independence.”

Dr Jeff Chamberlain, CEO and Founder of Volta Energy Technologies said: “Volta is very enthused about its investment in FluoRok, and is eager to support the company as it commercialises and scales its unique fluorinating agents. The use of FluoRok reagents in the battery industry promises to enable the production of fluorinated electrolyte salts, like LiPF6, without the need to use toxic and corrosive hydrofluoric acid. This will reduce the barrier to entry for new players in the electrolyte industry in Europe and North America. The wide number of applications for FluoRok reagents beyond the battery industry provide great potential for FluoRok to have an impact in many markets across the globe."