MIAMI, Feb. 28, 2022 /PRNewswire/ — ecoSPIRITS, the world’s first low carbon, low waste spirits distribution technology, today announced it has partnered with Park Street to bring its closed-loop distribution system to the U.S. market. The partnership will take the form of a new joint venture between ecoSPIRITS and Park Street Technology Ventures, with additional private financing led by the Pillsbury family.
ecoSPIRITS’ patent-pending technology is a first-of-its-kind distribution system that nearly eliminates packaging waste in the premium spirits supply chain. The system lowers the packaging waste by more than 90%, reduces transportation costs by as much as 50%, and delivers an estimated 60-90% reduction in the carbon emissions associated with spirits packaging and distribution.
The U.S. is the No. 1 beverage alcohol market in the world. It generates over 12 million tons of glass annually with 7.6 million tons of that ending up in landfills. By eliminating single-use glass packaging, the ecoSPIRITS system saves over 14.5 pounds of emissions per each 9-liter case equivalent that flows through its closed loop system. While glass recycling typically eliminates just 15-25% of the carbon footprint associated with new single-use glass, ecoSPIRITS eliminates nearly 100% of the single use glass waste associated with spirits.
Since its founding in 2018, the ecoSPIRITS closed-loop system has been licensed in 18 countries worldwide, including in the European Union, the United Kingdom, and leading markets in Asia Pacific. With the closed loop technology now in use in almost 1,000 venues worldwide, ecoSPIRITS has launched major collaborations with leading hospitality operators, including Four Seasons Hotels & Resorts, Accor Hotels & Resorts, and Rosewood Hotels & Resorts. The company expects to add 10 new markets in 2022.
“The United States is a crucial market in terms of size, visibility and innovation,” notes Paul Gabie, CEO, ecoSPIRITS, “With its broad network of relationships and commitment to innovation, Park Street was the natural partner for ecoSPIRITS USA.”
“Park Street is committed to investing in sustainability, and the ecoSPIRITS system delivers measurable value to participants throughout the supply chain – from manufacturers and distributors to on-premise accounts and consumers,” says Harry Kohlmann, Ph.D., CEO, Park Street. “The term ‘drink responsibly’ now has an even broader implication and we are proud to partner with ecoSPIRITS to bring its technology to the U.S. market.”
Founded in 2018, ecoSPIRITS is a circular economy technology company that has developed the world’s first low carbon, low waste distribution technology for the premium spirits industry. Leveraging business as a force for good, ecoSPIRITS provides both a powerful cost advantage to industry partners and a transformative carbon footprint reduction. The ecoSPIRITS patent-pending technology is licensed in 18 countries worldwide, serving hundreds of brands, distributors, wholesalers and hospitality operators. The company has a global presence, serving its customer base from its offices in Singapore, Shanghai, London and Miami.
About Park Street
Launched in 2003 by former McKinsey consultants, Park Street is a technology-enabled services company that helps emerging and established alcoholic beverage suppliers and brand owners cost-effectively and securely scale and manage their businesses. The company combines complex sector expertise with skilled human capital and a purpose-built technology platform to deliver fully transparent and reliable performance. Areas of expertise include regulatory compliance, freight and logistics, importing and distribution, order fulfillment, accounting, HR and benefits management, working capital, information and data management, systems development, systems integration, and more. The company is trusted by thousands of brands from new-to-market entrepreneurs to well established multi-brand global suppliers. Park Street is headquartered in Miami, Florida and has over 400 team members supporting operations across the United States and around the world.
About Park Street Technology Ventures
Park Street Technology Ventures (“Park Street Ventures”) is an affiliate of Park Street and invests in early-stage start-ups and established growth companies in the alcoholic beverage industry. The firm’s investment mandate focuses on transformative technologies and green initiatives. Park Street Ventures provides a combination of capital, strategic and operational guidance, and industry knowledge to help companies accelerate growth.
For more information, please visit www.parkstreet.com
Park Street Companies
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Park Street Technology Ventures
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SOURCE Park Street Companies