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TemperPack Technologies has received $140 million in new equity financing, the Henrico-based manufacturer announced Tuesday.
The company manufactures ClimaCell thermal liners, a recyclable, nontoxic alternative to expanded polystyrene and Styrofoam, used to ship food, pharmaceutical and other products which help to reduce waste and carbon emissions. TemperPack produces millions of ClimaCell box liners monthly from their Virginia and Las Vegas facilities, the company said in a news release.
The new funding will allow TemperPack to expand its footprint and reach new customers.
“We are absolutely thrilled to partner with Goldman Sachs to accelerate our growth and diversify our offering of innovative, sustainable high-performance protective materials,” TemperPack Chairman and CEO Bob Beckler said. “As TemperPack grows, we increase the beneficial impact for consumers, our customers, and our planet. “
New financing was led by Goldman Sachs’s sustainable investing business, joined by existing investors including Grosvenor Food & AgTech, Harbert Growth Partners, Tao Capital Partners, Revolution Growth, SJF Ventures, and Arborview Capital.
In 2018, TemperPack moved to a larger manufacturing facility in Henrico as part of a $10.4 million investment that was expected to crate 141 new jobs.