Closed Loop Fund, New York, says it has invested $4.5 million in Richmond, Virginia-based TemperPack, which has created a line of insulated packaging that can be recycled through curbside programs as part of the paper and corrugated materials stream. Closed Loop Fund joins SJF Ventures, Durham, North Carolina, in this investment.
Founded in 2015, TemperPack seeks to reduce the amount of unsustainable packaging that correlates with the rising world of e-commerce delivery. The company specializes in bringing custom solutions for clients to scale in the perishable food and life sciences industries.
According to a news release from Closed Loop Fund, TemperPack’s products provide a significant reduction in greenhouse gas (GHG) emissions compared with production of expanded polystyrene materials used in insulated shipping packages and will help reduce contamination at material recovery facilities (MRFs).
Bob Milligan, vice president of operations due diligence at Closed Loop Fund, says, “From our MRF testing, we've seen that TemperPack’s ClimaCell packaging can greatly reduce the burden of Styrofoam ending up in the recycling streams and the packaging has proven to make it through the OCC (old corrugated containers) lines at MRFs.”
While other cold-chain packaging claims to be recyclable, the reality does not support the claims, the Closed Loop Fund says, citing a recent study from the Washington-based Association of Plastics Recyclers (APR).
TemperPack has two manufacturing plants in Richmond and in Las Vegas. Closed Loop Fund’s investment will support the expansion of a new production line at its Las Vegas facility.
“We couldn’t be more excited to work with Closed Loop Fund to expand production of our new curbside recyclable line of products at our west coast operations in Las Vegas,” says Brian Powers, TemperPack co-CEO and co-founder. “Bringing a second manufacturing operation for ClimaCell online will allow us to better serve our clients’ growing needs for insulated packaging.”