The new funding follows Infinited Fiber Company’s earlier announcement of plans to build a flagship factory in Finland in response to the strong growth in demand from global fashion and textile brands for its regenerated textile fibre Infinna. The factory, which will use household textile waste as raw material, is expected to be operational in 2024 and to have an annual production capacity of 30,000 metric tons, the companies said in a joint statement.
The new funding will enable Infinited Fiber Company to carry out the work needed to prepare for the flagship factory investment and to increase production at its pilot facilities in the years leading to 2024. The engineering progress supported by the additional funds will also accelerate Infinited Fiber Company’s ongoing collaboration and potential technology licensing with Sateri.
“We started our collaboration in 2019 as a significant investor in the previous funding round. Sateri is excited to continue our collaboration with Infinited Fiber Company as part of our Sateri Vision 2030 commitment towards closed-loop, circular and climate-positive cellulosic fibres. This financing round marks a major milestone for both companies as we seek to scale up next-generation fibre solutions,” said Allen Zhang, president of Sateri.
“We are really happy to welcome our new investors, and grateful for the continued support from our existing investors. We see significant promise in our technology for major textile fibre producers, and we look forward to the continued collaboration with Sateri,” said Petri Alava, Infinited Fiber Company’s co-founder and CEO.
Sateri strategically contributes to RGE’s commitment and strategic business direction. Sateri has developed and produced a diverse range of circular and sustainable products including Lyocell and Finex, which is made from recycled textile waste. The in-house R&D efforts and the investment in Infinited Fiber Company are part of RGE’s $200 million investment commitment to advance next-generation textile fibre innovation and technology.
Fibre2Fashion News Desk (KD)