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 prevalent trust issues 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 in the same product up to ten times, effectively achieving 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 efforts. This partnership has enabled AION to focus on industrial scalability and target specific niches to maximize their environmental impact. The increasing public scrutiny on sustainability and the regulatory push from the EU taxonomy have further accelerated AION's mission, bringing sustainability to the forefront of corporate agendas. With 282 million metric tonnes of plastic waste produced globally each year and only 15% being recycled, AION is positioned to drive significant change in the industry.