(Information sent by the signatory company)
Largest industrial hemp deal in US history is milestone for decarbonization efforts
BOULDER, COLORADO, USA, May 22, 2024 (News Aktuell). – element6 Dynamics and PAPACKS®, a German company, are pleased to announce the signing of a Memorandum of Understanding for a joint venture in the US expansion of PAPACKS® molded and thermoformed packaging, in partnership with element6 Dynamics, a modern American pioneer in industrial hemp. The details of this Memorandum of Understanding are confidential; However, this joint venture will offer regenerative alternative fiber (industrial hemp) packaging solutions for consumer packaged goods, pharmaceuticals, technology, and general businesses striving to decarbonize, move away from plastic, and reduce deforestation in their supply chain.
“Our goal is to provide new materials that are regenerative and non-extractive, and introduce processes that decarbonize and generate little to no waste at prices competitive with existing solutions,” said Kimberly Kovacs, CEO of element6 Dynamics and former Forbes 50 over 50 honoree. Women in Finance. “PAPACKS® is an innovative leader in fiber-based materials, focused on sustainable solutions, and we are excited to partner with them to bring this joint venture to the US.”
element6 Dynamics is a US leader in industrial hemp, including, but not limited to, the genetic breeding, cultivation and biomass conversion of industrial hemp (to mimic the characteristics of traditional softwood kraft pulp). element6 Dynamics pulp (e6 Pulp) has proven to be a market-ready pulp solution that can be integrated into new or existing paper mill and packaging infrastructures.
PAPACKS® has set the standard in Europe for sustainable fiber-based packaging, addressing the specific needs of food and non-food, pharmaceutical and cosmetic packaging. The company prioritizes the use of renewable raw materials in research and production, including new fibers and industrial hemp. Its commitment to innovation is recognized globally through more than 75 patent families, 30 awards and more than a decade of pioneering work.
The parties intend to build 10 fully integrated molded and thermoformed manufacturing facilities in the US, taking a bio-regional approach by locating each facility near their growing areas and academic partnerships, ensuring a cost-effective and environmentally friendly solution for relocate businesses in a sustainable and responsible manner.
“We believe element6 Dynamics will be a strong financial and strategic partner for us in the United States,” said Tahsin Dag, CEO of PAPACKS®, who was voted “CEO of the Year 2024 in the Packaging Industry” by the European CEO Awards. “The element6 Dynamics team has successfully achieved the scale we need to serve our international customer base. The combination of our respective skills, knowledge, technologies and shared vision positions our partnership for success.”
About element6 Dynamics
element6 Dynamics (www.element6dynamics.com) is an agtech company at the forefront of the transformation and decarbonization of the paper and packaging industry through industrial hemp. At e6D, collaborations are central to our business model. We enrich soil and create income opportunities for farmers, advance research through partnerships with academic institutions, and provide customized solutions to our business partners. Through fair prices and the development of our own biorefineries, we stimulate economic growth and support industries by introducing climate-smart technologies to regions that need it.
Our commitment to protecting the environment and building sustainable, forward-thinking businesses is embedded in our operations because we believe that a company can prosper while doing good. By focusing on the circularity of our processes, we contribute to a zero-waste future and facilitate the widespread adoption of regenerative practices.
About PAPACKS®
PAPACKS® (www.papacks.com) is at the forefront of environmental change, a pioneering company dedicated to the development and production of sustainable, plastic-free packaging solutions. With a deep understanding of the need to protect and preserve nature, PAPACKS® has strived to eliminate the need for single-use plastics through innovative solutions made from renewable raw materials, including but not limited to industrial hemp cellulose . The company’s philosophy reflects a combination of technology, art and science to create packaging that is not only environmentally friendly, but also aesthetically pleasing and functional. Through the use of fiber molding and other sustainable materials, PAPACKS® is driving the shift towards a circular economy and making a decisive contribution to reducing global plastic pollution. As a visionary in its field, PAPACKS® understands how essential sustainable action is for the future of our planet and invites companies around the world to be part of this revolutionary movement.
Press contact / Inquiries
Manuel Leibrock, CMO/PAPACKS®, press@papacks.com