American Biomaterials Start-up Close to Grand Prize of ?500,000

AMSTERDAM, Aug. 15, 2018 /PRNewswire/ -- A ?500,000 financial injection. This is what is at stake in the Postcode Lottery Green Challenge, one of the largest annual international competitions in the field of sustainability innovation. The American start-up Algiknit is of the five green pioneers still in the running for the prize. The start-up offers a solution that could transform the highly polluting textile industry into a circular economy. During the final on 13 September, the team will be up against LettUs Grow from the UK, Reverse Resources from Estonia, and The Great Bubble Barrier and AquaBattery from the Netherlands. It will then become clear which start-up will go home with the grand prize of ?500,000. The runner-up will receive ?200,000. The other finalists will win ?100,000 each.

Remarkably, four of this year's five finalists are younger than 30.

Seaweed textile
Tessa Callaghan (26) is co-founder of the American start-up AlgiKnit. This company makes fibres from kelp (a type of seaweed) that can be spun into yarn. By using biomaterials, AlgiKnit offers a solution that could transform the highly polluting textile industry into a circular economy. After having been used, this seaweed textile can serve as compost or animal feed. It also reduces the carbon footprint of the clothing industry, because no harmful fibre particles are lost during washing, such as is the case with polyester. The company is working on a prototype of a T-shirt and sneakers will be next.

For an overview and full description of the five finalists, please visit http://www.greenchallenge.info

The final will be held in Amsterdam on 13 September.
The final will be held at the Gashouder venue in Amsterdam on 13 September 2018 and can be watched via livestream at http://www.greenchallenge.info.

Last year, the Rwandese start-up EarthEnable won the ?500,000 first prize with their sustainable alternative to cement. 

Note for the editors:
Press centre - http://www.greenchallenge.info/press
Follow the Postcode Lottery Green Challenge on Twitter, Facebook and LinkedIn.

SOURCE The Dutch Postcode Lottery