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Bio-bean Wins $100,000 Prize

Wed, 25 June 2014

BIO-BEAN, Shell LiveWIRE Young Entrepuner of the Year 2013 finalist and Innovation Award Winner, has been awarded $100k in funding by the Founder.org Class of 2015 programme.
The funding was announced at an event in Paris last week.

The team, which is the first British company to have won the award from Founder.org, will also participate in the organisation’s 8D Company Building Programme, fast-tracking the team through the challenges of building bio-bean – which aims to recycle used coffee grounds into fuel – into a larger company.
 
Founder.org is an American startup seed fund, co-founded by serial entrepreneur Michael Baum, that supports graduate entrepreneurs to build their idea into a high impact company. This is the latest in a number of awards for bio-bean, who have been recognised by prestigious organisations including the UKTI (through The Sirius Programme), Shell, The GLA and UCL, who provided seed funding for the business.
 
bio-bean, which is the brain child of two UCL graduates, Arthur Kay and Benjamin Harriman, takes waste coffee grounds from coffee shops across London and huge quantities of residual waste from instant coffee processing plants. They then take this “waste” and turn it into biomass pellets and biodiesel - products in high demand as a result of the rapidly expanding UK biofuels market.
 
Arthur Kay, bio-bean’s co-Founder and CEO, has been appointed as a 'London Leader' by Mayor Boris Johnson, as an 'Emerging Innovator' by Ellen MacArthur, has been described as a 'Green Hero' by Kevin McCloud, and named the 'UK’s most Innovative Young Entrepreneur' by Shell UK Chairman Ed Daniels.
 
bio-bean were up against teams from Harvard and MIT, amongst other leading academic institutions. Arthur said it was wonderful to have won the Founder.org Award: “it is recognition of the potential ‘waste’ coffee has to become a significant source of biofuel. There is a huge (and growing) demand for advanced biofuels and bio-bean’s innovative technology allows the company to supplement this demand.”
 
“This early support from the US-based Founder.org provides us with a platform to export our business model to America; once we have established bio-bean in London, we plan to scale domestically and expand internationally.” 
 

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