Investment & Fund Management
European Investment Fund Partner
Full Credential Description
AION, a Norwegian company focused on recycling and circularity in plastics, faced significant challenges in establishing a transparent and efficient system for plastic waste management. The company aimed to industrially scale a circular plastic economy, addressing the trust issues prevalent in waste management by enhancing transparency and digitalization. AION's innovative approach, termed "circularity as a service," involved not only effective recycling of plastics but also the collection and analysis of data regarding the materials' lifecycle, thereby verifying the environmental benefits of their processes.
To tackle these niche issues, AION developed a collaboration with McDonaldÂ’s in the Nordic markets, producing durable plastic trays from recycled materials. This initiative allowed for a remarkable extension of the product's life, with the potential for reusing the same material up to ten times, translating to a lifespan of up to 20 years for the trays. Additionally, AION's production of plastic transportation pallets led to a drastic reduction in waste by 90-95%, CO2 emissions by 84%, and operational costs by 20-50%.
The company recently secured equity investment from Ocean14, a venture capital firm backed by the European Investment Fund (EIF), which has been instrumental in supporting AION's growth. This partnership has enabled AION to focus on scaling its operations and maximizing its impact in the circular economy, particularly in light of increasing public scrutiny on sustainability and regulatory measures like the EU taxonomy that promote environmental accountability. With 282 million metric tonnes of plastic waste generated globally each year and only 15% being recycled, AION's efforts are crucial in driving change within the industry.