PulPac continues to accelerate the global commercialization of its innovative sustainable packaging technology through a recent funding round of 1.2 million dollars, led by existing investors, bringing the total raised equity to 7.1 million dollars.
Relatedly, PulPac has also secured financing from a leading Nordic Bank, Nordea, adding over 1.4 million dollars to acquire advanced Dry Molded Fiber equipment. PulPac will use the proceeds to continue its rapid industrialization of the technology via secured partnerships and investments across the supply-chain to ensure scalability, cost efficiency and standardization.
Dry Molded Fiber is a groundbreaking manufacturing technology for circular, low cost, high performance fiber-based packaging and single-use products. By pioneering the technology of cellulose molding without water, PulPac enables brands and packaging manufacturers (convertors) to replace single-use plastics with a sustainable and cost competitive alternative. It also opens new markets for a stagnating forestry industry that suffers from declining demand on traditional paper products.
The industry’s interest in PulPac’s technology is significant. Dry Molded Fiber is market ready for many applications and a selection of global leaders and partners are already implementing the technology. The technology enables high-speed manufacturing of fiber products and can replace most packaging and single-use products presently made of plastics. It saves energy, water and reduces CO2 emissions. It also presents many design and marketing advantages that traditional fiber molding methods cannot meet.
Linus Larsson, PulPac's CEO and one of the inventors of the technology, said:
“On a global market, eager to find viable and affordable alternatives to single-use plastics, the Dry Molded Fiber technology offers sustainability with maintained or in some cases even better margins. This additional investment allows us to accelerate and meet ever-increasing demand for the technology.”
To speed up the replacement of single-use plastics globally, PulPac licenses the technology to convertors and brands setting up their own production. Today, the company has co-operation and licensing agreements with a number of selected customers, including several large global brands operating in a variety of industries.