Malvern-based Novel Polymer Solutions has completed a £5 million funding backed by the Environmental Technologies Fund, Advantage Growth Fund and private investors.

The investment is to be used to enable NPS to further commercialise its new polymer technology.

Plastics are in ever-increasing demand and NPS is looking to target a wide range of markets where 20th century technologies are being replaced because they are harmful to the environment.

Latest developments allow adhesion to surfaces previously impossible to achieve.

NPS is working on the replacement of PVC in the building sector, high performance protective clothing and the safe transportation of concentrated cleaning agents.

James Rolfe, chief executive of NPS, said the new technology would allow the company “to overcome a number of notorious and long-standing problems in polymer technology using low cost, simple manufacturing techniques”.

He went on: “There is no comparable technology on the market and we have an opportunity to position NPS as a global leader in this fast-growing speciality chemicals market.”

Peter Horsburgh, a founding partner of ETF, who will join the NPS board, added: “NPS has developed a unique technology that enables a large number of applications previously thought impossible.

“NPS enjoys great customer pull and has already developed several market-ready products which have both convincing commercial as well as environmental benefits. We are proud to support NPS and its excellent management team and to help realise the significant growth potential of the company.”