Temperpack

Richmond,
VA
(2021)

Temperpack

Environment, Greentech Manufacturing, Manufacturing, Plastics and Chemicals

NMTC financing helped a Richmond manufacturer expand its capacity and create more jobs.

Investment

NMTC Amount: $15,000,000
Total Project Cost: $15,788,258

IMPACT

228 FTE jobs
60 construction jobs
Creation of 90% Quality Jobs and 90% Accessible Jobs; Target of 50% of FTEs being filled by veterans.

CDEs

AMCREF

Investor

US Bank

Project Description

TemperPack was founded in 2015 in Richmond, VA. The company designs, manufactures, and sells sustainable, insulated shipping containers, primarily to e-commerce food companies (predominantly meal kit companies such as HelloFresh) and life science companies.

TemperPack was seeking capital in order to expand its production capacity, in particular to partially fund their purchase of $15MM in advanced automation equipment to improve gross margins.

TemperPack’s innovative ClimaCell products replace the need for polystyrene packaging (EPS) known as Styrofoam, which is derived from petroleum, and other less environmentally friendly products. Styrofoam cannot be recycled, takes up to 500 years to decompose and emits significant harmful air emissions during production. ClimaCell is specifically designed to be recycled alongside cardboard, with a 93% recycling rate. + NMTC deal closed January 2021.

In 2020, TemperPack’s products will eliminate the need for 22MM EPS coolers, avoid the creation of 40MM pounds of CO2 emissions and divert over 7.5MM cubic feet of EPS from landfills.

MAP

Address: 4447 Carolina Avenue, Richmond, VA 23222

Census Tract: 51087200805

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