The Florida Institute for Commercialization of Public Research (the Institute) has finalised a funding agreement with US Bioplastics for its Gatoresin bio-renewable, water-degradable plastic.

Designed for use in highly disposable applications, Gatoresin is based on technology licensed from the University of Florida.

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The plastic replaces non-degradable petroleum-based plastics with materials that are derived from agricultural and other waste products, eliminating the possibility of environmental contamination.

US Bioplastics founder Lee Strait said: "US Bioplastics recognises the importance of caring for the environment while preserving the health of people through responsible product manufacturing and development.

"We are taking existing waste streams and coupling them with our patented bio-renewable, water-degradable polymer formulas to address plastic contamination in our environment."

"In collaboration with our network of business partners and vendors, we are taking existing waste streams and coupling them with our patented bio-renewable, water-degradable polymer formulas to address plastic contamination in our environment."

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Gatoresin has been designed to undergo safe, environmental degradation in water.

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According to the Florida Institute for Commercialization of Public Research, 300 million tons of plastic were produced worldwide in 2010.

One third of all plastics are used in disposable packaging such as bottles and bags, and nearly 4% of the world’s oil production is used as raw material to make plastic.

Orlando-based US Bioplastics takes feedstock waste, paper production by-products, or other plant waste to practical use and returns it to the environment without causing any damage to the ecology.