Amcor reveals Lift-Off seed capital winners with investments that seek to "drive the revolution in packaging", Business News

PUBLISHED ONSeptember 06, 2022 8:10 AM

Global packaging leader to provide US $250,000 to two start-ups with cutting edge innovations for a more sustainable future for packaging

ZURICH, Sept. 6, 2022 /PRNewswire/ -- Amcor (NYSE: AMCR, ASX: AMC), a global leader in developing and producing responsible packaging solutions, has announced the first batch of recipients for its ground-breaking Amcor Lift-Off seed funding initiative. Launched in April, Amcor Lift-Off targets breakthrough, state-of-the-art technologies that will further advance Amcor's initiatives to make the future of packaging more sustainable.

Following multiple pitch rounds, the winners of the initial Lift-Off program are:

Bloom Biorenewables Ltd: A chemical and biomaterials company, which converts plant waste into chemicals used in packaging; and
Nfinite Nanotechnology: An advanced materials company, which leverages smart nanocoatings to make packaging recyclable and compostable.

Each company will receive investments of US $250,000 and access to Amcor's best-in-class research and development resources.

Frank Lehmann, Vice President, Corporate Venturing and Open Innovation at Amcor, said: "Amcor is continuously reimagining what is possible for packaging and our aim is to drive sustainability through unrelenting innovation. These initial investments are just the start, as Amcor will continue to invest in market disruptors and ways to elevate expectations for our industry.

"We've been very impressed with what Bloom and Nfinite Nanotechnology have to offer, having risen to the top of a highly competitive field to become the first recipients of Amcor Lift-Off funding. Both start-ups are rooted in a culture of innovation and creativity, looking to break boundaries and disrupt the packaging industry as we know it. Going beyond traditional borders and uncovering the best and brightest ideas from across the globe will enable Amcor to take innovative leaps for the industry and environment."

Bloom technology responds to two acute needs of the chemical and packaging industry: the sourcing of renewable carbon for packaging made from biomaterials and circular end-of-life solutions for such packaging. The Swiss-based start-up has developed a new type of polyester made from plants. The properties of this new biomaterial match both the mechanical and functional requirements needed for quality packaging and provide a more sustainable end-of-life solution, being both recyclable and biodegradable. Amcor's investment in Bloom will support its continued growth and expansion, notably helping with the installation of new technical facilities and team hires.

Remy Buser, co-founder and CEO at Bloom Biorenewables Ltd, commented: "Lift-Off is an outstanding initiative accelerating both innovations and their implementation in the field of sustainable packaging. Bloom is extremely proud and excited to join this program and co-develop tomorrow's packaging solutions in collaboration with Amcor. We envision that a successful partnership will lead to offtake agreements and accelerate our market entry."

Developed at the University of Waterloo, Nfinite Nanotechnology is a venture-backed startup in Canada, revolutionizing nanocoating to provide superior performance for keeping products fresh and enable the use of truly sustainable packaging at a commercial scale and cost. Nfinite's vapor deposited nanocoating is eco-friendly, solvent-free, ultrathin, multifunctional, and applied at low temperature in open air without a vacuum chamber. This will be a step-change in the field, unlocking new opportunities for process integration and scalability, offering endless breakthrough applications beyond packaging. Amcor's investment will help the start-up scale its team as well as demonstrate, certify, and adopt its innovations for broadscale commercial use in the packaging industry.

Chee Hau Teoh, CEO and Co-Founder at Nfinite Nanotechnology, said: "We are excited to work with industry leaders the caliber of Amcor to rethink and redefine packaging for a circular economy. Amcor's expertise and support will enable us to streamline the integration of our nanocoating solution into existing packaging production ecosystems. With the support of partners such as Amcor, we will accelerate the global transition to eliminate plastic waste."

Bloom and Nfinite Nanotechnology represent the first two companies selected in the Amcor Lift-Off initiative, with more recipients to be announced soon. Amcor Lift-Off is part of the organization's corporate venturing work focused on investing in innovative businesses and more sustainable packaging solutions to drive long-term growth. Earlier this year, Amcor announced a strategic investment in PragmatIC Semiconductor, a world leader in ultra, low-cost electronics which can be embedded into packaging. This followed an earlier investment in ePac Flexible Packaging in 2021.

To learn more about Amcor's corporate venturing and how to submit entries focused in the areas of recycling systems, alternative barriers, paper-based solutions, smart and connected packaging, biomaterials, or new industry business models for subsequent Lift-Off programs, click here: https://www.amcor.com/about/ventures

About Amcor

Amcor is a global leader in developing and producing responsible packaging solutions for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly lighter weight, recyclable and reusable, and made using an increasing amount of recycled content. In fiscal year 2022, 44,000 Amcor people generated $15 billion in annual sales from operations that span 220 locations in 43 countries. NYSE: AMCR; ASX: AMC