Sweden-based Xylophane AB has raised 34 MSEK (US$4.3 million) for a pilot factory that will produce biopolymer packaging material.
The company says its biodegradable packaging can replace petroleum-based packaging without the reduced shelf life associated with some bio-based packaging alternatives.
Xylophane also says its technology can be easily adapted to modern manufacturing facilities.
“Biopolymers belong to the group of innovations which have outstanding
opportunities for global growth driven by the combination of increasing
prices for oil-based plastics, consumer awareness for eco-friendly
products and supporting legislation promoting the end-of-life disposal
benefits of biodegradable packaging material. Xylophane offers a unique
opportunity to tap into this emerging market with enormous growth
potential,” says Paul Decraemer, Head of Cleantech Investment Practice
at Capricorn, which participated in the funding round.
The capital contribution guarantees the expansion and operation of the pilot factory and company for three years, the company said. The pilot factory is expected to be operating by early October 2009, and will enable production of material for pilot projects for potential customers as well as the optimisation of Xylophane’s manufacturing process for future full-scale production.
In 2008 Xylophane was named one of Sweden’s 33 hottest technology companies by newspapers “Ny Teknik”(New Technology) and “Affärsvärlden” (Business world).
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