PulPac announces the closing of a €31 million private placement led by Aliaxis and followed by Stora Enso, Amcor Ventures and Teseo Capital. Combining key global partnerships and investments enables PulPac to accelerate the roll-out out of its patented Dry Molded Fiber technology globally. Investing in global commercialization, with additional production capacity, R&D and supply-chain availability. All supporting the target of establishing Dry Molded Fiber as the next global standard for sustainable packaging, replacing single-use plastics with circular fiber solutions.
Besides offering high-speed manufacturing, which makes it a competitive alternative to plastics, Dry Molded Fiber preserves enormous amounts of water and energy compared to traditional wet fiber molding.
Linus Larsson Green, co-founder and CEO of PulPac, commented:
“PulPac today is seen as leading the technological race for sustainable packaging and replacing single-use plastics. With 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”
In this private placement, leading strategic partners (Aliaxis, Stora Enso, Amcor Ventures and Teseo Capital) join the existing shareholders of PulPac and its network to form a cross-industrial alliance. PulPac’s commercialization is catalyzed across the scaling value-chain with the aliiance, validating the global interest for the technology and its positive impact as a coming world standard in sustainable packaging. Each partner contributes complementary market-leading know-how that strongly contributes to the acceleration of Dry Molded Fiber.
Roderick Sundell, CFO at PulPac, also commented:
“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.”
Existing investors WPP, PP Intressenter AB, Marcus Palm also participate in the equity raise together with the founders through DryFiber Holding AB. Jointly, the private placement will enable PulPac to make further investments in three key areas:
- Increased global presence and representation of PulPac and Dry Molded Fiber to cater to enormous demand, building out application and demonstration centers in key markets close to industrial partners.
- Increasing product standardization and roll-out of applications ready to use, including commercial and third-party validation.
- Supply chain acceleration in key partnerships on production platforms and tooling, ensuring availability of material, chemistries, machines and tooling throughout the regional supply chains.
Collectively, these initiatives will facilitate PulPac’s target of replacing 1 million tons of single-use plastics by 2025, saving up to 5 million tons of CO2 emissions and up to 1 billion liters of water – compared to if the products had been made with conventional wet molded fiber.