Pulpex Limited, the sustainable packaging technology company, has today announced a £62m Series D investment round, which includes £10m from the Bank, £43.5m from the National Wealth Fund (NWF) and the balance from existing investors.
The fundraise will finance the construction of Pulpex’s first commercial-scale manufacturing facility near Glasgow. The planned facility will be capable of manufacturing 50m bottles per year and will create 35 new jobs.
Pulpex has developed a unique, fibre-based bottle solution free from hidden plastic, manufactured from sustainably sourced wood pulp designed to be recycled in the same way as paper or card in normal household recycling streams. Its patented and scalable technology results in a recyclable and biodegradable end-product with a lower carbon impact versus current glass or plastic packaging formats.
Scott Winston, Pulpex, said: “Thanks to the National Wealth Fund, the Scottish National Investment Bank, our Pulpex team and to our stakeholders for their continued support. This investment will drive the decarbonisation of the packaging sector using leading edge Material Bioscience to ensure this much-needed alternative to glass and plastic will deliver its ambition. Accelerated by the incredible business ecosystem that flourishes within Glasgow, this will be a visible shining star demonstrating the scalability of Pulpex technology for partners to adopt globally.”
Anthony Kelly, Associate Director, Scottish National Investment Bank, said: “As an impact investor, focused on supporting projects that will deliver long-term economic and societal returns for Scotland, we are pleased to invest in Pulpex. We are excited to help scale its innovative, IP-protected, and more sustainable alternative to plastic and glass packaging. Basing its new facility in Glasgow will be an economic boost for the region.”
John Flint, National Wealth Fund CEO, said: “We need to recycle more and unlock the growth potential of the circular economy. That requires sophisticated, long-term investment, both in infrastructure and packaging innovation. Exciting technological advancements like Pulpex are a great example of that potential. But they need catalytic investment to scale and commercialise.”
A move from plastic and glass to paper packaging will enable a step change in decarbonising the packaging industry and its efforts to increase the recycling rates of consumer goods, with the material benefitting from the highest recycling rates and most sophisticated infrastructure compared to other packaging alternatives.
