VANCOUVER, British Columbia--(BUSINESS WIRE)--Evanesce Packaging Solutions and its subsidiaries, a sustainable packaging disruptor, is pleased to announce its entry into the market with its first mass-produced, highly compostable line of straws. The company recently closed its Series A funding led by Pyfera Growth Capital and will be building a South Carolina plant with the potential to produce 1 billion units annually. The highly oversubscribed round closed at $3.9M CAD which brings Evanesce’s total financing to over $7M CAD. The company plans to start production in the third quarter of 2021. This comes as a positive response when 80 million tons of packaging waste is generated in the U.S. each year and the world’s oceans are overflowing with plastic.
Already in use by leading coffee brands, convenience stores, and food service companies through a joint venture agreement, Evanesce’s modified Polylactic Acid (PLA) straws are on par or cheaper than paper straws, offer significantly improved durability, and compost within 90 days. “As Earth Day approaches, we can’t ignore the 500 million straws used in the U.S. every day or how Styrofoam makes up 30% of landfill content taking 500 years to decompose,” said Douglas Horne, Founder and Chief Executive Officer of Evanesce Packaging Solutions. “The EU, Canada, certain U.S. states, and other countries have stepped up to ban single-use plastics this year and consumers want cost effective environmentally conscious packaging creating a greater need than ever before for industries to adopt greener packaging.”
Late this year the company plans to launch its own patented solution that will be a game changer for supermarkets, food service companies and food processors to reduce their packaging costs while meeting increasing environmental regulations and public demand for more sustainable solutions. Evanesce’s proprietary starch and fiber-based meat and meal trays are approximately half the cost of leading “green” tray alternatives and are expected to be available in mass scale in early 2022.
“As a newer packaging manufacturer, we’ve had the chance to observe and identify what’s slowing sustainable packaging adoption in multiple industries and deliver the right solution that can make a real impact. To start, our goal is to tackle the root problems by creating affordable, usable solutions that help accelerate the adoption of sustainable packaging in one of the biggest contributing industries to packaging waste in landfills, oceans, and elsewhere,” adds Horne.
For more information, please visit https://evanescepackaging.com/.
About Evanesce Packaging Solutions
Headquartered in Vancouver, British Columbia, Evanesce Packaging Solutions Inc. is a sustainable packaging disruptor, accelerating the adoption of green packaging in industries that contribute most to the global environmental crisis. The company’s vision is to eliminate single-use plastics with its patented compostable technology using plant-based by-products. The proprietary Evanesce® starch and fiber-based meat and single use meal trays are designed to provide exceptional quality at less cost than today’s “green” packaging alternatives. Through its joint venture, Evanesce is geared to mass-produce cost effective, modified PLA compostable straws. Evanesce, is well positioned to be an innovative game changer in the food packaging industry. At Evanesce, it’s uniquely about “affordable green” to ensure mass adoption. To learn more, please visit https://evanescepackaging.com/