On Wednesday 22 May, 2024, a significant deal was announced between two industry leaders in the pursuit of decarbonization efforts. element6 Dynamics, a US-based industrial hemp company, and German-based PAPACKS® have signed a Memorandum of Understanding to establish a Joint Venture in the US. This partnership is set to be the largest industrial hemp deal in US history and aims to offer regenerative alternative fiber packaging solutions for various industries.
The details of the MOU are confidential, but the Joint Venture will focus on providing sustainable packaging options for consumer-packaged goods, pharmaceutical, technology, and general companies. These solutions aim to decarbonize, reduce the use of plastic, and combat deforestation in supply chains.
Kimberly Kovacs, CEO of element6 Dynamics, expressed excitement about the partnership, stating, “Our goal is to provide new materials that are regenerative, not extractive, and introduce processes that decarbonize and have little to no waste at competitive prices.” Kovacs is a past Forbes 50 over 50 Women in Finance honoree.
element6 Dynamics is a leader in industrial hemp, specializing in genetic breeding, cultivation, and conversion of industrial hemp biomass. Their e6 Pulp has been proven as a market-ready pulp solution for paper and packaging production.
PAPACKS®, on the other hand, sets the standard for sustainable fiber-based packaging in Europe. With a focus on renewable raw materials, including industrial hemp, the company has been recognized globally for its commitment to innovation through patents and awards. Their CEO, Tahsin Dag, was elected as “CEO of the Year 2024 in the packaging industry” by European CEO Awards.
The Joint Venture plans to construct 10 manufacturing facilities throughout the US, strategically located near their cultivation footprint and academic partnerships. This approach aims to provide a cost-effective and environmentally friendly solution for reshoring business.
“We believe that element6 Dynamics will be a strong financial and strategic partner for us in the United States,” said PAPACKS® CEO Tahsin Dag. “The Team at element6 Dynamics has successfully delivered the scale we require to deliver to our international customer base. The combination of our respective skills, knowledge, technologies, and shared vision positions our partnership for success.”
Both companies share a commitment to protecting the environment and promoting sustainability in business operations. Through circularity in their processes, they hope to contribute to a zero-waste future and support the widespread adoption of regenerative practices.
For press inquiries, please contact Manuel Leibrock, CMO of PAPACKS®, at presse@papacks.com.
This news story was distributed by https://pressat.co.uk/.
