Pulpex equity investment

Pulpex has developed a fibre-based bottle, 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.

The NWF cornerstoned a £62m Series D investment 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, helping the industrialisation of this first-of-a-kind technology that will support the transition to a sustainable packaging industry.

By enabling the construction of Pulpex’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.

The new plant is expected to produce 50 million bottles per year and will support the UK’s first fibre bottle supply chain, creating over 35 new jobs in Scotland, near Glasgow and over 50 temporary and maintenance jobs.

Simon Little, Director in Banking and Investments at the National Wealth Fund, said: 

National Wealth Fund is delighted to lead Pulpex’s Series D investment round, our investment will help to commercialise and scale a first of a kind technology which enables the reduction of plastic waste and carbon intensive manufacturing in the global economy. The investment will also support growth in Scotland through the establishment of a commercial manufacturing plant utilising Pulpex’s patented and innovated technology.