ecoSPIRITS Secures USD 3M Green Loan Financing from DBS Bank to Support Manufacturing Scaleup
SINGAPORE 20 August 2024 ecoSPIRITS has announced that it has secured USD 3 million in trade finance facilities from DBS Bank, marking one of the first ‘green’ loans for the packaging technology sector in the region. The new financing, which was secured under Enterprise Singapore’s ‘Enterprise Financing Scheme – Green’ (EFS-Green), follows on from ecoSPIRITS’ USD 10 million Series A funding round, which was closed in April 2024. The new loan facility will help ecoSPIRITS accelerate its manufacturing as it works more closely with global customers to integrate circular packaging technology into their supply chains around the world.
The new financing will help ecoSPIRITS scale up its capacity to manufacture circular distribution technologies for spirits.
The facility will help ecoSPIRITS scale up its capacity to manufacture and deploy low waste, circular distribution technologies for spirits, while also helping its existing partners scale up their circular packaging operations. This financing also follows recent announcements by ecoSPIRITS of separate global licensing agreements with Diageo, Rémy Cointreau and Pernod Ricard and continued growth of high volume channels for circular packaging, such as cruise lines.
ecoSPIRITS is working more closely with its global customers to integrate circular packaging technology into their supply chains.
ecoSPIRITS chose to partner with the Singapore-based DBS Bank because of its strong commitment towards sustainability, having established itself as a leader in enabling sustainable financing across the region. DBS works with both large corporates and with small and medium enterprises, such as ecoSPIRITS, to advance a low carbon economy. In 2023, the bank was named World’s Best Bank for Corporate Responsibility by Euromoney.
The new loan facility from Singapore-based DBS Bank was secured under Enterprise Singapore’s EFS-Green scheme, which allows better access to green financing.
Enterprise Singapore’s EFS-Green scheme allows better access to green financing for Singapore enterprises, which develop enabling technologies and solutions to reduce waste, resource use or greenhouse gas emissions. From April 2024, it has also expanded to support ‘green technology & solutions adopters’ to help more local enterprises adopt green solutions and reduce their carbon footprint. Under EFS-Green, EnterpriseSG will provide 70% risk-share to catalyse the lending from partner financial institutions. As a fast-growing Singapore technology company working on the circular economy transition, ecoSPIRITS’ work is aligned with the Singapore Green Plan 2030 and the city state’s push to foster green innovation at home and abroad.
Chen Ze Ling, Head of Corporate Banking Singapore (Mid-Cap), DBS Bank
“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.”
Anand Subramanian, Co-Founder and Chief Operating Officer, ecoSPIRITS
“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.”
For media inquiries or general information on ecoSPIRITS, you may contact Sonya Hook, Head of Communications at [email protected].
About ecoSPIRITS
ecoSPIRITS is a circular economy technology company that has developed the world’s first low carbon, low waste distribution technology for premium spirits and wine. Our patent-pending closed loop system nearly eliminates all packaging waste in the supply chain. By dramatically reducing packaging and transport, ecoSPIRITS provides a transformative carbon footprint reduction. Founded in Singapore in 2018, the ecoSPIRITS technology is now available in 27 countries across Asia Pacific, Europe and the Americas. Nearly 3,000 leading bars, restaurants, hotels and retailers have adopted the technology. ecoSPIRITS is now rapidly building a global network of closed loop service, with coverage to grow in 2024. Together with our brand partners, importers, distributors, wholesalers, venues, and retailers, we are already making a difference. Each year, ecoSPIRITS and our partners are eliminating hundreds of tons of single use glass waste, planting tens of thousands of trees, and inspiring others to change.
For more information, visit https://ecospirits.global/.
Leading Australian Spirits Producer Husk Distillers Joins ecoSPIRITS and Proof & Company
MELBOURNE 16 July 2024 Proof & Company, ecoSPIRITS’ licensed operator for Australia, has launched distribution of seven craft spirits from Husk Distillers’ portfolio in ecoTOTE™ format across the country. Husk Distillers, which recently joined the Proof & Company stable of distribution brands, is known for its ‘farm to bottle’ philosophy and passion for sustainability, and is the producer of popular Australian-born brands, Ink Gin and Husk Rum. ecoTOTE processing for this new partnership is taking place at Proof’s new co-packing partner, The Melbourne Distilling Co, with ecoTOTEs of the new spirits now available for distribution to on-trade venues across the country. At a later stage, Proof & Company also plans to introduce Husk brands in ecoTOTE format to venues in New Zealand.
As ecoSPIRITS’ first Licensed Operator in the Asia Pacific region, Proof & Company has led the expansion of the ecoSPIRITS technology in Australia – as well as Singapore, Mainland China, Hong Kong SAR and New Zealand – since early 2019. Since it was founded in 2012, Proof & Company has evolved into one of Asia Pacific’s leading independent spirits companies.
ecoTOTEs filled with Husk Distillers’ brands – such as Ink Gin and Husk Rum – are now being deployed to on-trade venues across Australia.
Husk started in 2012 when founder and CEO, Paul Messenger, planted the crops to create the country’s first cane juice rum. Husk’s first product was Ink Gin, an innovative new world gin made using botanicals found on the farm, as well as an unusual botanical from South East Asia, the butterfly pea flower. The launch of Ink Gin coincided with a boom in the gin category in Australia, and consequently Ink is now the best-selling independently-owned gin brand in the country. Ink Dry Gin will be the first of Husk’s gins to be available in ecoTOTE format, with Ink Sloe & Berry Gin and Ink Art Gin variants set to join later this year. These will join four of the producer’s rums to be offered in ecoTOTE format, each made in small batches from freshly crushed sugar cane juice: Husk Rare Blend Rum, Husk Pure Cane Rum, Husk Coconut Rum, and Husk Bam Bam Spiced Rum.
Paul Messenger, CEO, and Head Distiller, Quentin Brival, with spirits packaged in ecoTOTE format at Husk Farm Distillery.
The home of Husk Distillers is Husk Farm Distillery, in Northern New South Wales near to Australia’s Gold Coast. The company’s ethos is to make spirits that reflect the land as a ‘farm to bottle’ producer, which means it adopts sustainable ‘full circle’ distilling practices. The family-owned business is the caretaker of 150 acres of land, of which a large portion is dedicated to sugar cane and cattle farmland, while 23 acres is virgin rainforest. Husk looks at sustainability in every part of its business, such as capturing and reusing rainwater, using solar power and reducing waste wherever possible. Husk is Australia’s first agricultural rum distillery and the sugar cane used to make the rum is 100% grown, harvested and aged at the farm.
The family-owned Husk Distillers is home to 150 acres of land, near to Australia’s Gold Coast.
Ink Dry Gin
Ink Dry Gin is the original gin in Husk’s portfolio and its hero botanical is butterfly pea, which changes the spirit from inky blue to blush pink, when blended with tonic. The gin contains 12 other native, traditional and exotic botanicals, giving it flavours of citrus, including lemon myrtle and sweet orange, followed by warm pepper berry and soft pea flower.
Husk Rare Blend Rum
Husk combines the complexity of single estate fresh cane juice with the rich smoothness of Tweed Valley cane honey to create a truly modern Australian rum. Sub-tropically aged in small barrels at Husk Farm Distillery, this rare blend captures the character of the land, and has flavours of ripe fruit, honeysuckle, vanilla, oriental spices and toasted oak.
Proof & Company recently established a new partnership for ecoPLANT operations with The Melbourne Distilling Co, a beverage company located in Melbourne’s Western suburbs. The 100% Australian-owned Melbourne Distilling Co fills and packages a range of products for the beverage industry and it has a focus on sustainability and Australian-made ingredients. Under this new partnership it will acts as a co-packing partner and will package many of Proof’s ecoTOTE format spirits, including brands produced by Husk Distillers. This new partnership is part of a strategy to grow the overall ecoSPIRITS program in Australia.
Harriet Messenger, Head of Marketing, Husk Distillers
“ecoSPIRITS fits beautifully with our business. We already bulk supply to bars to reduce glass waste, but the ecoSPIRITS system is a much better, neater and more sustainable system because the packaging is designed to be reusable. We continuously look at all areas of our business and try to minimise the output of waste. I think ecoSPIRITS will resonate with our customers as well, because it is so well aligned with our existing production processes and our brand values.”
Daniel Donnelly, Senior Brand Manager for Husk Distillers, Proof & Company
“We now have a team of seven on the road in Australia and it’s our number one focus across all our brands, with ecoSPIRITS playing a big part in this. There is a huge amount of pressure on the industry to try to find cheaper, more efficient and more sustainable ways of doing business and by delivering Husk brands in ecoTOTE we are not only doing great things for the environment, but it is also a more cost-effective way to serve drinks. So it’s really hitting the mark nicely and we are quite excited about what the potential could be.”
James Wynn-Williams, Sales Manager, Asia Pacific, ecoSPIRITS
“I am really excited to see these sustainable and much-loved brands go into ecoTOTE format so that people across Australia can enjoy low waste drinks made with Husk Distillers’ spirits. This producer is a great fit with Proof & Company’s ethos and its brands sit well within Proof’s portfolio, while also aligning well with the ecoSPIRITS closed loop system. We are confident this will be a successful partnership all round.”
For media inquiries or general information on ecoSPIRITS, you may contact Sonya Hook, Head of Communications, at [email protected].
About HUSK Distillers
Husk Distillers makes hand-crafted rum in small batches from the finest quality, freshly crushed cane juice sustainably grown, harvested, aged and bottled at Husk Farm Distillery. As Australia’s first agricultural rum distillery, we are developing this style of rum with a “farm to bottle” philosophy, using sugar cane grown 100% on our farm. Our volcanic soil, sub-tropical climate and local cane varieties combine each harvest to create something unique. The terroir of the Caldera Coast is reflected in every dram of Husk Rum.
For more information, please visit www.huskdistillers.com.
About Proof & Company
Proof & Company is one of Asia Pacific’s leading independent spirits companies, merging a disruptive approach to independent spirits distribution with a team of highly regarded bartenders and educators, a customer-focused mindset, and the region’s leading hospitality clients. From offices in Singapore, Hong Kong, Shanghai, Beijing, Melbourne, Sydney, Adelaide, Auckland and Christchurch, Proof & Company manages the exclusive distribution of a portfolio of independent spirits, craft cocktail ingredients, and premium bar tools and glassware.
For more information, please visit www.proofandcompany.com or follow @proofandcompany on Instagram.
About ecoSPIRITS
ecoSPIRITS is a circular economy technology company that has developed the world’s first low carbon, low waste distribution technology for premium spirits and wine. Our patent-pending closed loop system nearly eliminates all packaging waste in the supply chain. By dramatically reducing packaging and transport, ecoSPIRITS provides a transformative carbon footprint reduction. Founded in Singapore in 2018, the ecoSPIRITS technology is now available in more than 27 countries across Asia Pacific, Europe and the Americas. Nearly 3,000 leading bars, restaurants, hotels and retailers have adopted the technology, including Michelin-starred restaurants, World’s 50 Best and Asia’s 50 Best bars and iconic hotels. ecoSPIRITS is now rapidly building a global network of closed loop service, with coverage to grow further by the end of 2024. Together with our brand partners, importers, distributors, wholesalers, venues, and retailers, we are already making a difference. Each year, ecoSPIRITS and our partners are eliminating hundreds of tons of single use glass waste, planting tens of thousands of trees, and inspiring others to change.
Visit www.ecospirits.global and follow us on Instagram for more.
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Pre-batching cocktails? ecoTOTEs are easier and faster than traditional bottles. Save prep time and packaging waste!
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Pre-Batching in 4 Easy Steps:
Pre-batching cocktails? ecoTOTEs are easier and faster than traditional bottles. Save prep time and packaging waste!
Pre-Batching in 4 Easy Steps
"We are proud to partner with ecoSPIRITS. Not only is Four Seasons pouring higher quality spirits across Asia Pacific, we are doing so while minimizing our carbon footprint, packaging and glass waste."
- Philipp Blaser, Vice President of Food & Beverage, Asia Pacific
PRE-BATCHING
Pre-batching cocktails? ecoTOTEs are easier and faster than traditional bottles. Save prep time and packaging waste!
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Pre-Batching in 4 Easy Steps:
Cut the seal and remove the ecoTOTE cap. Attach the eS Pour Spout.
Twist the eS Pour Spout on until snug and secure.
Hold the ecoTOTE with both hands and carefully pour the spirit from the ecoTOTE into your preferred batch container.
Replace the ecoTOTE cap. Store the ecoTOTE in a safe place for use in your next batching or for return to your supplier.
ecoTOTE
Cut the seal and remove the ecoTOTE cap. Attach the eS Pour Spout.
Twist the eS Pour Spout on until snug and secure.
Hold the ecoTOTE with both hands and carefully pour the spirit from the ecoTOTE into your preferred batch container.