IKEA
Acquisition of stake in New Zealand plastics tech start-up Nilo
Inter Ikea (Delft, the Netherlands; www.inter.ikea.com), the group of companies that connects Ikea franchises with range development and suppliers, has entered into a development and access agreement with Nilo (Auckland, New Zealand; www.nilo.world), a deep tech company focused on turning waste plastics into new products. Inter Ikea said it has acquired a 12.5% stake in the New Zealand start-up. Andrew McIntosh, leader of innovation partnership at Ikea Innovation Ventures, has joined its board of directors, effective immediately.
 Inter Ikea has acquired a 12.5% stake in Nilo (Photo: Pexels/Czapp Árpád) |
Related: Consumer plastic packaging at Ikea to be eliminated by 2028
Nilo says it takes waste plastic and turns it into an adhesive that can be used in the manufacture of wood-based particle board, MDF, and plywood. The adhesive could be a game-changer for the multi-billion dollar market, as it creates new life for some of the plastics that are not usable for the likes of drink bottles. It also replaces the most prevalent adhesive, urea formaldehyde, which is infamous for having a high carbon footprint, with a sustainable, non-toxic alternative
23.06.2023 Plasteurope.com [252972-0]
Published on 23.06.2023