Pulpex has announced the £62m Series D investment round for its fibre-based bottle - led by the National Wealth Fund (NWF) and the Scottish National Investment Bank - to finance construction of a commercial-scale manufacturing facility near Glasgow.
According to Pulpex, the NWF will cornerstone the round committing £43.5m in direct equity, with a £10m co-investment from the Scottish National Investment Bank and the balance from existing investors. The construction of a planned ‘50 million bottle per annum’ facility near Glasgow is expected to create the UK’s first fibre bottle supply chain and 35 new jobs in Scotland.
Pulpex has developed a fibre-based bottle solution manufactured from ‘sustainably sourced’ wood pulp, designed to be recycled in the same way as paper or card in normal household recycling streams. The company claims its ‘patented and scalable’ technology results in a recyclable and biodegradable end-product with a lower carbon impact versus current glass or plastic packaging formats.
John Flint, CEO of the National Wealth Fund, commented:
“We need to recycle more and unlock the growth potential of the circular economy. That requires sophisticated, long-term investment, both in infrastructure and packaging innovation. Exciting technological advancements like Pulpex are a great example of that potential. But they need catalytic investment to scale and commercialise. Through financing Pulpex’s new facility in Glasgow, we will help remove barriers to future investment from private capital and lay the foundations for further growth.”
Last September PulPac and PA Consulting revealed they were testing Dry Molded Fiber bottle caps via The Bottle Collective, aiming to help companies reduce their carbon footprints and meet consumer demand for environmentally conscious packaging. The Bottle Collective aspires for over 95% fibre-based content in products, caps and closures included.
Earlier this month NBCo launched its Fast Forward 50 initiative, seeking to help brands transition from single-use plastic to fibre bottles and provide a ‘viable, high-performance alternative’ to plastic. NBCo’s fibre bottles are made from bamboo and bagasse, said to offer high durability and strong barrier protection against moisture and oxygen.
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