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Recorp: Canning plastic for good

Recorp is a startup on a mission to eliminate single-use plastic bottles in New Zealand. With cutting-edge technology and a world-first aluminium can production plant, Recorp’s setting new standards in sustainability and innovation.

6 minute read

A shining opportunity

Founded by some of the country’s most successful businesspeople, Recorp is tackling one of the biggest environmental challenges of our time – the overconsumption of single-use plastic bottles. By focusing on aluminium cans, an infinitely recyclable and sustainable alternative to plastic and glass, Recorp is driving a significant shift in New Zealand’s packaging industry.

The Kiwi startup identified a clear gap in the market, with New Zealand relying heavily on imports to meet demand.

This insight led to the ambitious goal of building a world-class plant to produce these cans locally, but turning this vision into reality required more than just ambition. It needed a banking partner who could provide the unique support necessary to enable a startup on this scale. 

A game-changing partnership

For Recorp, the choice of a banking partner was pivotal. The company sought a bank that not only provided capital and understood the financial needs of a large-scale startup – it needed a partner that believed in the company’s vision and shared a sense of purpose.

L-R: Bruce Parton, CEO at Recorp; Ben Fahey, Head of Corporate Banking; Rob Fyfe, Chair at Recorp; Geoff Stewart, Client Director; and Penny Ford, Executive Corporate & Institutional.

BNZ stood out from the beginning. Quickly grasping Recorp’s vision, BNZ embraced the company’s purpose-driven approach, bringing in a diverse team of specialists who understood the unique challenges large corporate businesses face. From working capital and trade, to FX and interest rate management, BNZ’s dedicated relationship team worked closely with Recorp to tailor a solution that would set the business up for long-term success.

“It’s also been invaluable having Matt Hinton from Venture Advisory on board. He’s been instrumental in providing us with financial advice and set up our finance operations to ensure our processes work for us now, while being able to grow with us as Recorp grows”, continues Bruce. 

Recycling reimagined

With BNZ’s support, Recorp was able to bring cutting-edge technology to New Zealand. The company now operates a plant in Manukau, which is unlike any other in the world. It offers unique flexibility in its ability to do very short runs of cans, meaning it can accommodate large or small orders. This innovation is crucial, as it allows Recorp to be flexible and respond to the needs of smaller customers, offering short production runs that other manufacturers don’t provide.

Recorp operates at a remarkable capacity of about 1,900 cans per minute, which translates to roughly 550 million cans a year. This increased production capacity is set to grow the market size by about 50%, expanding the availability of aluminium cans in New Zealand while reducing reliance on imported plastic bottles.

One of the most exciting aspects of Recorp’s operation is its ability to produce fully recycled aluminium cans. Using advanced technology, the company reduces the energy required to create cans by 95% compared to using virgin aluminium. This innovation significantly reduces carbon emissions, making Recorp’s cans one of the most environmentally friendly options available.

Additionally, the cans produced at Recorp are 5% lighter, which further reduces emissions during transportation. For a business that aims to sell millions of cans each year, these efficiencies are a game-changer in reducing the environmental footprint.

Future-focused

Recorp’s success isn’t just a win for the company – it’s crucial for New Zealand’s future. By driving the shift from plastic to aluminium cans, Recorp is not only reducing plastic waste but also contributing to a more sustainable economy and offering consumers better packaging options.

BNZ’s dedicated team of specialists, their deep understanding of the commercial landscape, and their unwavering commitment to supporting New Zealand business have been integral to Recorp’s growth. This partnership has empowered Recorp to elevate its vision and lead the charge in transforming the packaging industry towards sustainability.

Recorp is now setting a new standard for what can be achieved when businesses collaborate to drive meaningful change – making a lasting impact on both the environment and the economy, one can at a time.

For more information on how BNZ can support your business, visit  https://www.bnz.co.nz/institutional-banking/corporate-banking 

Learn more about Recorp at https://www.recorp.co.nz/ 

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This article is solely for information purposes and is not intended to be advice with respect to any matter discussed in it. If you need help, please contact BNZ or your professional adviser. Neither BNZ nor any person involved in the material accepts any liability for any direct or indirect loss or damage arising out of the use of, or reliance on, all or any part of the content.