Manufacturing technology provider PulPac in the packaging industry has secured €31m ($31.22m) in new funding from a cross-industrial alliance.
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.
PulPac plans to leverage the funding to roll out its patented dry-moulded fibre technology globally, as well as additional capacity, research and development (R&D) and supply-chain improvement.
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.”
PulPac specialises in providing manufacturing technology for low-cost, high-performance fibre-based packaging and single-use products.
The company commits to replacing one million tonnes of single-use plastics by 2025.
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Through this investment, Amcor intends to find opportunities for applications of PulPac’s technology in its product ranges.
The investment in PulPac’s fibre technology comes after Amcor launched its AmFiber platform earlier this year.
Amcor corporate venturing and open innovation vice-president Frank Lehmann said: “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.”
In September, Amcor made a strategic investment of up to $45m in US-based packaging firm EPAC Flexible Packaging.