PulPac has secured additional funding of $1.2m to boost the global commercialisation of its advanced sustainable packaging technology.
The company’s total raised equity reached to $7.1m with the completion of the latest funding round by existing investors. PulPac has also received a $1.4m Nordic Bank, Nordea to acquire advanced Dry Moulded Fibre equipment.
Dry Moulded Fibre is an advanced manufacturing technology for circular, low cost and high-performance fibre-based packaging and single-use products.
PulPac will use the funds to continue to accelerate its industrialisation of the technology through secured partnerships and investments across the supply chain.
By developing the technology of cellulose moulding without water, PulPac helps brands and packaging manufacturers to replace single-use plastics with a sustainable and cost-competitive alternative.
PulPac also stated that it opens new markets for a stagnating forestry industry, which is affecting with declining demand for traditional paper products.
Dry Moulded Fibre, which facilitates high-speed manufacturing of fibre products, has the potential to replace most packaging and single-use products currently made of plastics.
PulPac licences the technology to convertors and brands to start their own production, thereby helping to advance the replacement of single-use plastics across the globe.
PulPac CEO Linus Larsson said: “On a global market, eager to find viable and affordable alternatives to single-use plastics, the Dry Moulded Fibre technology offers sustainability with maintained or in some cases even better margins.