PulPac raises €31 million from cross-industrial alliance
PulPac announces the closing of a €31 million private placement led by Aliaxis and followed by Stora Enso, Amcor Ventures and Teseo Capital.
PulPac raises €31 million from cross-industrial alliance to roll-out breakthrough sustainable packaging technology
- Strategic investors led by Aliaxis, via its new impact business builder division “Aliaxis Next” and followed by Stora Enso, Amcor Ventures and Teseo Capital participate in a €31 million private placement to deploy PulPac’s patented Dry Molded Fiber technology globally. Existing PulPac shareholders, including cornerstone investor WPP, also participated in the equity raise and WPP remain the largest shareholder.
- The equity raise and strategic partnerships enables investments in rolling out the technology globally with global representation, additional capacity, continued R&D and ensured supply-chain availability.
- PulPac’s target is to replace 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 molded fiber.
“With backing and support of such world-class partners, we have laid a strong foundation across the value chain.”
— Linus Larsson Green, co-founder and CEO of PulPac
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”
Together, we will drive the transition forward at great speed to provide scalable solutions that are both cost competitive and sustainable.
– Roderick Sundell, CFO at PulPac
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.
Pareto Securities AS acted as financial advisors and Vinge acted as legal advisors to PulPac for the equity raise.
At Aliaxis, we design sustainable, easy to install, and innovative solutions to address the world’s water challenges and accelerate the transition to clean energy. Thanks to our 14,000+ employees, our pipes and fitting systems meet our customers’ most demanding needs for the building, infrastructure, industrial and agriculture sectors. Operating in over 40 countries, the Company is active through leading local brands and generated €3.7 billion revenue in 2021. More information available on www.aliaxis.com
About Stora Enso
Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). More information available on www.storaenso.com
Amcor is a global leader in developing and producing responsible packaging solutions for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly lighter weight, recyclable and reusable, and made using an increasing amount of recycled content. In fiscal year 2022, 44,000 Amcor people generated $15 billion in annual sales from operations that span 220 locations in 43 countries. NYSE: AMCR; ASX: AMC. More information available on www.amcor.com
About Teseo Capital
A Family Office in Luxembourg, Teseo Capital, which deals in alternative assets and agribusiness.
WPP is the creative transformation company. We use the power of creativity to build better futures for our people, planet, clients and communities. For more information, visit www.wpp.com.
About PP Intressenter AB
PPI is a consortium of prominent local investors. PPI’s indirect main owners include Johan Möller, one of the founders of the nische bank Collector, Lennart Grebelius, founder and owner of Sätila Holding AB, Mats Franzén and Pål Junhamn founders of Zetup AB, as well as Björn Engström, co-founder Forsman & Bodenfors.
About DryFiber Holding AB
DryFiber Holding is the holding company for Founders Linus Larsson Green and Ove Larsson as well as early team members.
About Marcus Palm
The Director of Legal Affairs at Välinge Innovation AB (leading global licensing company in click-lock-flooring). Palm is a minority shareholder in PulPac as well as part of PulPac’s board. Palm is a leading Nordic expert on Licensing business models and infringement control, he was elected the Swedish General Counsel of the Year 2017.
We are the inventors of Dry Molded Fiber. Our groundbreaking technology helps producers within the packaging industry to swiftly transition toward circularity. With our cost-competitive, fiber-based alternative, they meet the market and planet’s needs for responsibly produced packaging but also gain leverage by spearheading the industry. With a global partner network, we build a community to ensure we reach our goal of making Dry Molded Fiber the new standard.
About Dry Molded Fiber
A brilliantly simple solution for packaging producers to meet the market’s and planet’s needs for responsibly produced packaging. Dry Molded Fiber enables a swift transition towards circularity, with a cost-competitive, fiber-based alternative. Turns ordinary pulp into any rigid, three dimensional product, using almost no water. And it’s fast!