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PulPac Raises €31 Million from Cross-Industrial Alliance

November 11, 2022
November 11, 2022
PulPac

PulPac announced the closing of a €31 million private placement from a cross-industrial alliance to roll out the company's sustainable Dry Molded Fiber packaging technology.

WHO: PulPac is the innovator of Dry Molded Fiber, which 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, 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 and water and reduces CO2 emissions. It also presents many design and marketing advantages that traditional fiber-molding methods cannot meet.

WHY: The equity raise and strategic partnerships enable investments in rolling out the PulPac technology globally with global representation, additional capacity, continued R&D, and ensured supply-chain availability. The alliance supports the target of establishing Dry Molded Fiber as the next global standard for sustainable packaging, replacing single-use plastics with circular fiber solutions. 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.

IN THEIR OWN WORDS: 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."

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."

DETAILS:

  • PulPac raised a €31 million private placement led by Aliaxis, via its new impact business builder division "Aliaxis Next" with participation by Stora Enso, Amcor Ventures, and Teseo Capital. Existing PulPac investors WPP, PP Intressenter AB, and Marcus Palm also participated in the equity raise. WPP remains the largest shareholder.
  • In January 2021, PulPac raised a $1.2 million round of funding led by existing investors, bringing the total equity raised to $7.1 million. 
  • In September 2018, a consortium of Swedish investors via PP Intressenter AB (PPI) entered as a new owner of PulPac. Among PPI's owners are Johan Möller, one of the founders of the bank Collector, Lennart Grebelius, founder and owner of Sätila Holding AB, Mats Franzén and Pål Junhamn, founder of Zetup AB, as well as Björn Engström, Forsman & Bodenfors.
  • Pareto Securities AS acted as financial advisors and Vinge acted as legal advisors to PulPac for the equity raise.
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