Pulpex, which has developed a fibre-based bottle as an alternative to glass and plastic, has raised a £62m Series D investment round which will finance the construction of the company's first commercial-scale manufacturing facility, near Glasgow.
The National Wealth Fund will provide £43.5m in direct equity in the round, with a £10m co-investment from the Scottish National Investment Bank and the balance coming from existing investors.
Pulpex was established during 2020, and in 2023 won an SCI Sustainability & Innovation Award for its fibre-based bottle which is manufactured from sustainably-sourced wood pulp and designed to be recycled in the same way as paper or card in normal household recycling streams.
The company says that its patented technology results in a recyclable and biodegradable end-product with a lower carbon impact than current glass or plastic packaging. The new Glasgow plant will produce 50 million bottles per year and establish the UK’s first fibre bottle supply chain, leading to the creation of 35 new jobs in Scotland.
“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,” said Scott Winston, Pulpex CEO.
According to Water UK, the UK uses more than 38.5 million plastic bottles every day, with around 16 million ending up in landfill, incinerated, or finding their way into the environment and waterways. The UK’s 25 Year Environment Plan aims to double resource productivity and eliminate all avoidable waste, including plastic, by 2050. This means investments in economically viable and ready-to-go options like Pulpex are critical interventions for the future sustainability of the consumer goods industry.
National Wealth Fund CEO John Flint 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. Through financing Pulpex’s new facility in Glasgow, we will help remove barriers to future investment from private capital and lay the foundations for further growth.”
The push to reduce plastic waste is also being fought at a global level with countries looking to resume negotiations to establish an international legally binding treaty on plastic pollution, including in the marine environment. Talks held at the end of 2024 failed to reach a conclusion, however participants from more than 170 countries agreed that a ‘Chairs text’ released at the end of the discussions would serve as a ‘starting point’ for the sessions set to resume this year.
Further reading on plastics and sustainability:
• Unilever leads stakeholder call to finalise global plastics treaty
• Australian research centre is plotting a greener future for plastics
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