SWEDEN – Swedish provider of manufacturing technology for fiber-based packaging and single-use products, Pulpac has closed a US$31.22 million private placement for the global roll-out of PulPac dry molded fiber technology.
Aliaxis led the investment through its new impact business builder division Aliaxis Next. The other investors that took part in this private placement included Amcor Ventures, Stora Enso and Teseo Capital.
Other investors include PP Intressenter AB and Marcus Palm, participating through DryFiber Holding AB, with Pareto Securities AS and Vinge serving as financial and legal advisors, respectively, during the equity raise.
PulPac plans to leverage the funding to roll out its patented dry-molded fiber technology globally, as well as additional capacity, research and development (R&D) and supply-chain improvement.
These initiatives are expected to contribute to PulPac’s goal of replacing 1 million tonnes of single-use plastics by 2025.
The company says this could save 5 million tonnes of CO2 and 1 billion liters of water in comparison to conventional wet molded fibers.
In addition, dry molded fiber is said to provide high-speed manufacturing; as such, PulPac considers it a ‘competitive alternative’ to plastic packaging.
PulPac co-founder and CEO Linus Larsson Green said: “PulPac today is seen as leading the technological race for sustainable packaging and replacing single-use plastics.
“With the backing and support of such world-class partners, we have laid a strong foundation across the value chain. I am really excited to execute our plans and roll out our technology globally.”
Roderick Sundell, CFO at PulPac, added: “Today marks a critical step forward on our mission of replacing single-use plastics at scale. We are extremely proud to welcome these leading partners into our cross-industrial alliance.
“Together, we will drive the transition forward at great speed to provide scalable solutions that are both cost competitive and sustainable.”
Amcor’s US$3m investment
Through this investment, Amcor intends to find opportunities for applications of PulPac’s technology in its product ranges.
The investment in PulPac’s fiber technology comes after Amcor launched its AmFiber platform earlier this year.
Through AmFiber, Amcor aims to redefine the capabilities of traditional paper packaging and build upon Amcor’s extensive experience in paper and carton packaging.
Amcor corporate venturing and open innovation Vice-President Frank Lehmann concluded: “Amcor is committed to developing solutions that meet the needs of our customers, consumers and the environment.
“Amcor’s investment in PulPac will help to accelerate the global rollout of this innovative technology, as well as support research into its suitability for future applications.”
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