German can manufacturer Xolution has secured €45m in equity financing for the expansion of its next-generation XO2.0 resealable beverage can technology production.
Singapore-based equity fund Inventure Management has invested in the company for it to increase its annual global production capacity to more than one billion can-ends in order to help it meet market demands worldwide.
Xolution CEO Marc von Rettberg said: "The equity investment by Inventure will help facilitate our growth as we look to capitalise on multiple opportunities within the global beverage can marketplace.
"It took more than six years of intense R&D to finish the current XO resealable can end design, which is able to withstand even the toughest demands on a beverage can.
"We are confident that the current XO can-ends will provide consumers with the opportunity to take their favorite beverage can anywhere they want to go.
"This investment also enables us to continue new development projects in order to supply the beverage can industry with innovative packaging solutions."
The firm has designed the new XO production line to be fully automated and as independent production units.
Individual units are expected to have a production capacity up to 200 million XO can-ends a year and have been planned to be set up across Europe, the US, the Middle East and Asia.
The XO system is claimed to be suitable for a wide variety of beverages and does not involve major modifications or capital investment when used in existing filling lines.
XO equipped beverage cans feature lids with an integrated plastic opening mechanism, which allows those to be resealed and portioned for later consumption.
The cans come in multiple sizes, ranging from 200ml to 1l, and feature tamper-evident security seal, which covers the opening strap and breaks when initially opened.
Image: The XO beverage cans allow to be resealed for later consumption. Photo: courtesy of Xolution.