National Wealth Fund invests in packaging firm
The £43.5mln in direct equity from the National Wealth Fund (NWF) will go into Scottish packaging firm Pulpex.
Pulpex has produced a fibre-based bottle as a glass and plastic alternative. It is sourced from wood-pulp and designed to be recycled in household recycling streams, alongside paper or card.
The NWF investment will help build the company’s first commercial-scale manufacturing facility near Glasgow, with the aim of creating a fibre bottle supply chain en route to producing 50 million bottles annually, as well as 35 new jobs in Scotland.
The plant hopes to create a wider impact in the alternate packaging sector.
John Flint, National Wealth Fund CEO, says the financing will ‘help remove barriers to future investment from private capital and lay the foundations for further growth’.
A further £10mln of co-investment comes from Scottish National Investment Bank and existing investors have also committed, bringing the total funds to £62mln.
