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GOAT Industries Investment
GOAT Industries (CSE: GOAT) owns a minority stake in Evanesce, which marked its fourth addition to a portfolio of rapidly growing companies focused on the ocean economy. The investment paved the way for GOAT to enter the green packaging solutions market and further diversified its portfolios of investments in environmental, social, and governance (“ESG”) focused companies.

Evanesce was founded by Douglas Horne, who is the Chief Executive Officer of the business. Mr. Horne sought out an opportunity in response to the rise in single-use plastic products, and the mounting pressure that they have applied to the environment. The overconsumption of single-use packaging has been on the rise and they have become a contributor to climate change. Plastics, and microplastics specifically, have been polluting our oceans and affecting ecosystems that regulates our planet’s temperatures. As a result, Evanesce was founded to develop a sustainable alternative to traditional plastic packaging. Using a patented technology that considers strength, insulation and nesting capabilities, Evanesce’s products are being designed to be functional yet environmentally friendly by being 100% compostable and organic.

Evanesce collaborated with Haas/Buhler – an expert in food processing equipment – to develop and commercialize its patented technology. Today, its Molded Starch Technology produces 100% compostable packaging material. All of Evanesce’s packaging solutions are free from PFAS and BPA and they decompose into soil within 90 days. All Evanesce products have a shelf life of two years and are leakproof as well as heat resistant, thereby making them both microwave and oven safe. Currently, Evanesce has been issued three patents, has one pending patent, and has made 17 other patent claims. Products such as meal trays, meat trays, containers, and cups are expected to enter the market in early 2022.

The global packaging industry is expected to reach $980 billion in market size by 2022, while the green packaging solutions industry is expected to reach $245 billion within the same time frame. As climate change continues to be an issue that influences how people consume products, the need for alternative packaging solutions is growing. Evanesce has expanded its operations to a second manufacturing facility in Nevada to meet the increased demand of sustainable packaging.

Evanesce’s green packaging solutions are already in use by various leading foodservice companies, grocers, restaurants, and convenience stores. Products can be found in Whole Foods, Save-on, Chipotle, Safeway, Costco, and Loblaws, with more grocery and restaurant chains being added on a regular basis.

As Evanesce continues to grow, it is on track to achieve its goal of become a leader in the food packaging space. With its state-of-the-art technology, Evanesce has recently been recognized by CIO Coverage as one of the Top 10 Innovative Food Packaging Companies to Watch in 2021. Another one of Evanesce’s goals is to make single-use plastics a thing of the past. With consumer demand increasing for more environmentally friendly packaging, there is a push for industries to adopt more sustainable, greener, and cost-effective packaging solutions.