National Wealth Fund and Scottish National Investment Bank drive a sustainable packaging step-change with investment in Pulpex.
Pulpex Limited, the sustainable packaging technology company, has announced a £62m Series D investment round led by the National Wealth Fund (“the NWF”) and the Scottish National Investment Bank (“the Bank”).
The NWF will cornerstone the round committing £43.5m in direct equity, with a £10m co-investment from the Scottish National Investment Bank and the balance from existing investors. The fundraise will finance the construction of Pulpex’s first commercial-scale manufacturing facility near Glasgow, marking the NWF’s first investment in Scotland since its transformation.
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.
Investments from the NWF and the Bank are critical to the industrialisation of this first-of-a-kind technology and its future uptake and adoption by packaging manufacturers and their customers. By enabling the construction of the Company’s first manufacturing facility to reach commercial-scale capacity, the financing will help create the conditions for growth in both Scotland and the wider alternative packaging sector.
Scott Winston, Pulpex CEO, 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.”
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.”
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