Worn Again Technologies has raised £27.6 million to build a ‘ground-breaking’ textile recycling facility in Winterthur, Switzerland.
The Nottingham company says it represents a milestone in the commercialisation of circular strategies for hard-to-recycle fabric blends. It claims that the large-scale demo plant will leverage ground-breaking polymer processing technologies to upcycle 1,000 tonnes of textiles per year.
“We are extremely happy with the results of this funding round, which was our most successful so far,” said Erik Koep, CEO. “As such, it demonstrates the strength and growing interest in our textile recycling framework.
“We are well-positioned to enter the next phase of our business growth, as we can get closer to offering large-scale commercial facilities for blended polycotton materials.”
Worn Again counts industrial stalwarts Sulzer and Oerlikon as well as fashion retailer H&M as key strategic investors. The latest fundraising comes from existing partners and main stakeholders.
This latest investment round brings Worn Again Technologies’ total raised funding to £42.9m.
Torsten Wintergerste, division president of Sulzer Chemtech and chairman of Worn Again Technologies, commented: “We strongly believe in Worn Again Technologies’ mission and are firmly committed to ensuring its success. This is why we have provided support through investments as well as with our leading polymer processing expertise and infrastructures.
“Even more, we have a close connection to the demonstration plant, which is being built near to our headquarters in Winterthur, and we are keen to see it operating as soon as possible.”
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