The funding will be used by TemperPack to expand its capacity of producing protective materials technologies, grow its geographic footprint and extend its customer reach
ClimaCell is a sustainable alternative to EPS coolers for shipping temperature-sensitive products. (Credit: TemperPack)
TemperPack Technologies, a US-based producer of sustainable cold chain materials for food and life sciences products, has secured $140m in an equity financing round, led by Goldman Sachs Asset Management (Goldman Sachs).
The funding round saw participation from existing TemperPack investors including Grosvenor Food & AgTech, Harbert Growth Partners, Tao Capital Partners, Revolution Growth, SJF Ventures, and Arborview Capital.
The funds will be used by TemperPack to expand its capacity of producing protective materials technologies, grow its geographic footprint and extend its customer reach.
TemperPack chairman and CEO Bob Beckler said: “We are absolutely thrilled to partner with Goldman Sachs to accelerate our growth and diversify our offering of innovative, sustainable high-performance protective materials.
“As TemperPack grows, we increase the beneficial impact for consumers, our customers, and our planet.”
TemperPack said that its patented ClimaCell thermal liners drove the company’s growth as it is a non-toxic, sustainable alternative to expanded polystyrene (EPS, Styrofoam) for the shipment of perishable foods, pharmaceuticals, and other life science products.
Also, the use of the ClimaCell solution will help reduce carbon emissions and eliminate plastic.
The company produces ClimaCell box liners in its facilities in Richmond, Virginia and Las Vegas, Nevada.
Goldman Sachs Asset Management Managing Director Jeff Possick said: “Goldman Sachs is committed to partnering with outstanding businesses that help drive sustainability.
“TemperPack has demonstrated an ability to lead in the cold chain materials space with much-needed sustainable solutions.
“We’re excited to invest in TemperPack’s growth to accelerate the development of technologies that disrupt the use of conventional single-use plastics.”
In April 2020, New England Biolabs switched to TemperPack’s 100% recyclable packaging to replace EPS for cold chain shipping applications.