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£62m Series D investment Round for Pulpex

19 February 2025

Pilot Lite is delighted to announce a £62m Series D investment round led by the National Wealth Fund and The Scottish National Investment Bank, which will finance the construction of the first commercial-scale manufacturing facility near Glasgow for the sustainable packaging technology company Pulpex.

Pilot Lite and Diageo collaborated to establish Pulpex, which has developed a patented, first-of-its-kind, single-mould paper bottle that delivers sustainability at scale through renewable packaging.

"A great journey is only getting better,” said Mike Anstey, Pilot Lite CEO and Founder. “We’ve worked with Diageo to take Pulpex from a startup to a true scale up standing on its own feet,” Anstey said. "Sustainability initiatives are particularly challenging to execute. Too many companies try to solve them on their own and fail."

Anstey said it's critical that commercial robustness—without compromise—is baked into ESG projects from the beginning, along with a rapid, integrated rollout plan that delivers green outcomes immediately.

“A key structural component that de-risks projects is creating, managing and engaging a consortium of partners held to rights on hitting commitments,” he said.

Pulpex is a great example of this type of partnership and consortia that includes Pilot Lite clients and Pulpex partners Kraft Heinz, PepsiCo, Unilever, Castrol, The Estée Lauder Companies Inc., Haleon, and others.

“Pulpex is delivering outcomes via a controlled yet accelerated process, which is the hallmark of Pilot Lite,” Anstey said.

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