Germany-based establishment Xolution has closed €45m equity financing for expanding its next generation XO2.0 resealable beverage can technology production in a bid to cater to market demand across the globe.
Inventure Management, a equity fund in Singapore, has arranged the funds to increase Xolution's global production capacity to over 1 billion can-ends annually.
Xolution CEO Marc von Rettberg said: "The equity investment by Inventure will help facilitate our growth as we look to capitalize on multiple opportunities within the global beverage can marketplace.
"It took more than six years of intense R&D to finish the current XO re-sealable can end design, which is able to withstand even the toughest demands on a beverage can. We are confident that the current XO can-ends will provide consumers with the opportunity to take their favorite beverage can anywhere they want to go.
"This investment also enables us to continue new development projects in order to supply the beverage can industry with innovative packaging solutions."
Xolution plans to set up fully automated, independent production units across Europe, the US, the Middle East and Asia. These facilities will be able to produce up to 200 million XO can-ends per year.
The XO equipped beverage cans, with sizes ranging from 200ml to 1l, feature lids with an integrated plastic opening mechanism that enables the can to be resealed and portioned for later consumption, the company said.
The tamper-evident security seal covers the opening strap and breaks when initially opened, thereby ensuring consumers that the can has not been previously opened.
The XO system is said to be suitable for a wide variety of beverages and can be used in existing filling lines without major modifications or capital investment.