Finnish plastic-free drinking straw attracts funding to scale up

This post was originally published on this site

© Reuters. Stora Enso company logo is seen near a packaging mill in Riga© Reuters. Stora Enso company logo is seen near a packaging mill in Riga

HELSINKI (Reuters) – Finland’s Stora Enso said its biodegradable drinking straws aimed at tackling the world’s plastic waste were now on sale to European customers, while its developer, Sulapac, had raised funds to expand production.

Stora Enso, one of the world’s largest pulp and paper makers, announced the joint venture to develop the straw with Sulapac a year ago, after European Union lawmakers decided to ban widely-used, throw-away plastics such as straws and cotton buds by 2021.

Sulapac said it had raised 15 million euros ($16.5 million)in new funding from investors including luxury house Chanel and international media houses to scale up the production of its renewable straw material and to explore other uses for it.

“Our cooperation with Sulapac allows us to explore new types of innovative and scalable materials and widen our offering of renewable solutions”, Marcus Dehlin, Stora Enso’s head of business alliances, said in a statement.

The majority of Stora’s profit comes from pulp and packaging board but the company is exploring new materials to complement its biocomposite business to meet growing consumer demand for sustainable packaging.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment