The funding will be used by the company to boost the research and development, capital investment and international expansion of its pack operations across Europe and North America
Matrix Pack manufactures single-use paper straws. (Credit: rodgersm222 from Pixabay)
Greece-based drinking straws producer Matrix Pack is set to receive an €8.5m venture debt financing facility from the European Investment Bank (EIB) to boost its efforts on the production of green single-use packaging.
The EIB Venture Debt will support Matrix Pack to help millions of consumers reduce their use of single-use plastics by delivering sustainable packaging.
The five-year venture debt financing facility will be used by the company to boost the research and development, capital investment and international expansion of its pack operations across Europe and North America.
Matrix Pack manufactures single-use paper straws and biodegradable lids that are in line with the Single-Use Plastics EU Directive, which was implemented to prohibit the use of plastics.
The company operates four production units, including three in Greece and one in Bulgaria.
Matrix Pack intends to implement a research, development and investment plan to eliminate plastic-based production and transform its complete product portfolio to renewable and biodegradable materials.
Matrix Pack chairman Lyberis Polychronopoulos said: “This project indicates our high ambitions, and it is already established in the market.
“It is a great opportunity to prove that transformation and compliance to environmental policies is a business opportunity and at the same time a challenge to contribute to the safety and independence of the European supply chain as opposed to dependence on single-use-products coming from Far East.”
At present, Matrix Pack manufactures 20 million paper straws per day. Once the development project concludes, the company’s production is expected to be increased to 30 million paper straws per day.