Aachen, Germany-based IonKraft, which brings circular economy to plastic packaging, has closed a first equity financing round of €3.5 million. The round was co-led by M Ventures, the strategic investment fund of Merck and TechVision Fund and joined by High-Tech-Gründerfonds aka HTGF which recently invested in mediaire and Zymofix)
The capital will be used to prepare the market entry and scale production.
Previously, IonKraft was supported by the EXIST research transfer program of the Federal Ministry for Economic Affairs and Climate Action (BMWK). Last year, the company received funding from the renowned European EIC Accelerator program.
From lab to reality
IonKraft was founded in 2021 by Dr. Montgomery Jaritz and Benedikt Heuer as a spin-off of RWTH Aachen University. During his research at the Institute of Plastics Processing, Dr. Jaritz identified a market opportunity for plasma coatings. This led to the development of a new high-barrier technology that makes containers both chemically resistant and fully recyclable, with a barrier effect comparable to that of glass.
Brings circular economy to packaging
Plastic packaging has a great potential for recycling. However, for packaging with barrier properties, recyclability remains a challenge. The company has created a new plasma-based coating that creates a super-strong barrier on plastic packaging containers and is 100% recyclable.
The coating is applied to plastic packaging containers with coating machines. As per the company, this technology has the potential to replace non-recyclable barrier solutions and enable a fully circular economy in the packaging industry.
The patented technology plastic packaging recyclable, free of per- and polyfluoroalkyl substances (PFAS) enables packaging producers to replace millions of tonnes of non- recyclable multilayer or fluorinated packaging. Furthermore, the barrier technology can provide sufficient protection to allow the incorporation of recycled materials into packaging for sensitive, food or cosmetics products.
Plans to launch products next year
The company has developed industrial machine technology to apply their coatings to various types of containers. It has validated a wide range of applications with a variety of different industry partners. The company will use the EIC support to prepare for market launch.
The first industrial coating system is on track for customer deployment by year-end. The market launch of the first products with IonKraft coatings is scheduled for 2025. The company enables manufacturers to create fully recyclable products while reducing their environmental impact and carbon footprint.
“This financing round is a decisive step to support the market launch of our technology and to prepare for future scaling. We are thrilled to have a diverse group of investors who share our vision and will provide us with support on multiple levels,” said Benedikt Heuer, Co-Founder of IonKraft.
“IonKraft delivers a market-ready coating technology that can easily be integrated into existing production lines. The company holds a huge lever to enable circularity, starting in a sector outside the mainstream focus,” said Björn Lang, Partner at TVF Management.
Nils Lang, Investment Manager at HTGF, commented: “We are excited to support IonKraft in their market roll-out and expansion. Their solution addresses strong market demand and aligns with the current momentum of change. With an excellent team and an outstanding track record, we are confident they are well-prepared for any challenges that may lie ahead.”
Owen Lozman, Managing Director of M Ventures shared: “IonKraft’s innovative coating is appealing for a variety of reasons: it provides an alternative to PFAS, which is being regulated, glass, which is prone to breakage or requires secondary packaging, and has the potential to maximise recycled content in future plastic packaging solutions.”
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