Matrix Pack: Greece makes Europe plastic free, Source: EIB

EIB allocates EUR 8.5 million to Europe’s leading producer of drinking straws

EIB allocates EUR 8.5 million to Europe’s leading producer of drinking straws

The support will increase Matrix Pack’s daily production of paper straws from 20 million to 30 million

This week, the European Investment Bank announced that it has agreed to provide the Greek company and Europe’s leading producer of drinking straws Matrix Pack with financial support. This support will be in the form of EUR 8.5 million in venture debt financing over 5 years, and it will help the company shift its product portfolio to renewable, biodegradable materials.

Increasing production capacity

At the moment, Matrix Pack has 4 production units (3 in Greece and 1 in Bulgaria) and sales networks in countries all over the globe. With the Venture Debt financing, the company will be able to boost its research and development operations, increase its production capacity, and expand internationally. 

According to a press release by the EIB, the company currently produces 20 million paper straws a day, in addition to biodegradable lids. With the EUR 8.5 million, Matrix Pack will be able to increase its daily production capacity to 30 million paper straws and transition from being an SME (Small-to-Medium Enterprise) to a larger corporation.

“This project indicates our high ambitions, and it is already established in the market. It is a great opportunity to prove that transformation and compliance to environmental policies is a business opportunity and at the same time a challenge to contribute to the safety and independence of the European supply chain as opposed to dependence on single-use-products coming from Far East,” shared Matrix Pack Chairman Lyberis Polychronopoulos.

EIB Vice President Christian Kettel Thomsen also commented on the agreement, noting that Matrix Pack is setting new standards in the paper drinking straw industry, combatting waste, and strengthening the circular economy. Moreover, he revealed that the drinking straw producer is the first Greek company to benefit from the opportunities provided by EIB Venture Debt.



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