Last year the two companies announced Sealed Air as the exclusive licensee for protective packaging in North America for Mushroom Packaging, a new technology for rapidly renewable and environmentally responsible packaging materials made from agricultural byproducts and mycelium, or mushroom roots. In October 2012, Sealed Air launched Restore Mushroom Packaging, its first commercialized product using Ecovative’s biomaterial technology.
“The agreement builds upon our successful, ground breaking relationship with Sealed Air and continues the overall momentum for providing an innovative and effective alternative to petrochemical based packaging on a much larger scale,” said Eben Bayer, CEO of Ecovative. “We are confident that we can extend this momentum into the European marketplace.”
“Ecovative has had a great deal of success using the unique properties of mycelium for protective packaging. We are looking forward to meeting the performance needs of potential European customers through a variety of packaging applications using this technology,” said Ryan Flanagan, President of Sealed Air’s Protective Packaging business. “Through our SmartLife commitment, we are reducing waste throughout the supply chain and helping our customers achieve their sustainability objectives by choosing the right solutions for the right needs, without sacrificing performance or cost competitiveness.”
Details of the transaction were not disclosed. Sealed Air does not expect the transaction to be material to its consolidated financial position or results of operations.