ecoSPIRITS has announced that it has secured $3 million in trade finance facilities from Singapore’s DBS Bank, marking one of the region’s first ‘green’ loans in the packaging technology sector. This financing, obtained through Enterprise Singapore’s ‘Enterprise Financing Scheme – Green’ (EFS-Green), comes on the heels of ecoSPIRITS’ $10 million Series A funding round, completed in April 2024.
The new loan will enable ecoSPIRITS to accelerate its manufacturing efforts as it collaborates more closely with global customers to integrate circular packaging technology into their supply chains worldwide. ecoSPIRITS claims to be the world’s first low carbon, low waste spirits and wine distribution technology.
The facility will support ecoSPIRITS in scaling up its capacity to produce and deploy low waste, circular distribution technologies for spirits, while also aiding its existing partners in expanding their circular packaging operations. This financing follows ecoSPIRITS’ recent announcements of separate global licensing agreements with Diageo, Rémy Cointreau, and Pernod Ricard, as well as the continued growth of high-volume channels for circular packaging, such as cruise lines.
“As a purpose-driven bank, we recognise the critical role financial institutions have to play in accelerating the transition to a low carbon economy. Our involvement in this green loan facility demonstrates our commitment to financing businesses that drive tangible environmental benefits. By providing the capital needed to scale their sustainable packaging solution, we are empowering ecoSPIRITS to drive industry-wide change, enhancing their manufacturing capacity and creating positive ripple effects across the supply chain. This is one way we are working with partners to drive positive change and build a more resilient and environmentally responsible industry,” said Chen Ze Ling, Head of Corporate Banking Singapore (Mid-Cap), DBS Bank.
Anand Subramanian, Co-Founder and Chief Operating Officer, ecoSPIRITS said, “This scheme was designed to support innovative growth companies like ecoSPIRITS, and it will be invaluable in helping us to maintain and improve our cash flow cycle as we continue to grow. We are grateful to both DBS Bank and Enterprise Singapore for valuing and supporting our mission to eliminate single-use glass in the spirits and wine industry. Loans of this kind help the ecosystem of innovators who are looking to change the world and have a positive impact on the challenges of climate change.”