Banana waste technology begins to bear fruit for Aussie company
A publicly-listed company that has spent more than two decades perfecting its system of turning banana plantation waste into wood and paper products says it has proven the profitability of the technology and is preparing for a global expansion. Papyrus Australia, which is based in Adelaide, has watched its share price triple this month after announcing L39 as a cornerstone investor and reporting that its Egyptian factory has become profitable for the first time. The company has developed technology to process banana waste into a range of products including veneer for furniture and musical instrument manufacture, moulded products such as food containers and plates, liquid fertiliser and garden peat. It now aims to increase production in the Sohag factory, hire key staff and embark on a significant capital raise with the help of L39 Capital, which will allow it to manufacture ‘turn-key factories’ and sell them to banana plantations in developing countries around the world. Papyrus Australia was founded in Adelaide in the mid-1990s after Ramy Azer moved to Australia with his Adelaide-born wife Phoebe to complete a Masters in Mechanical Engineering at the University of Adelaide. He soon developed a technique for producing veneer from banana tree trunks and has since expanded the technology to include all parts of the waste banana plant. “The question is always asked ‘what is an Adelaide company doing in banana land’?” Azer, the company’s managing director said. “But we are not banana processors, we are machine builders and technology makers so what the Adelaide company is actually doing is designing and building machines for export and commissioning in banana producing countries.” Unlike other fruit trees such as apples and oranges, a banana palm takes 6-8 months to grow to maturity, producing one large bunch. The tree is then cut down and left to […]