Home / Knowledge / News / Textiles / Worn Again generates €8 million from investors

Worn Again generates €8 million from investors

19
Jun '20
Pic: Worn Again Technologies
Pic: Worn Again Technologies
Worn Again, a technology licensing company that is developing polymer recycling processes to enable raw materials in textiles and polyester packaging to be kept in constant circulation, has generated up to €8 million in new equity capital from investors, including follow-on commitments from two of its existing strategic investors, H&M Group and Sulzer.

This significant financial backing is a vote of confidence in the company’s enhanced recycling technology and proposed circular licensing business model, which promises to be crucial in closing the loop in the end-of-use polyester and polycotton/cellulose textile industry.

The investment provides over two years of operating capital and will be used to accelerate and complete the company’s fundamental technology development through the R and D phase. It will also provide the base financing required in the next phase of bringing the technology to market.

Through these ongoing strategic partnerships with two global industry players, Worn Again Technologies will benefit from the world-leading expertise of H&M Group’s supply chain and consumer-facing business, as well as the advanced manufacturing and industrial capabilities of Sulzer Chemtech.

Erik Karlsson, investment manager at H&M Group’s investment arm Co:Lab, said: “Having worked with founder Cyndi Rhoades and the impressive team since 2013, we’re thrilled to continue our journey by further investing in Worn Again Technologies as they move into an exciting new phase towards commercialisation over the coming years. Their regenerative recycling technology not only aligns perfectly with the H&M group’s vision to become fully circular, but also has the potential to benefit the entire industry.”

Torsten Wintergerste, division president Chemtech of Sulzer, stated: “Sulzer has a clear strategic direction towards sustainable businesses. With our unequalled application know-how and process equipment, Sulzer Chemtech is the leader in separation technologies and the innovation we bring to the table is a game changer for circular economy. Worn Again Technologies building recycling plants with our components represents for Sulzer a proud contribution to a greener future of textile industry. It complements our overall strategic drive to deliver innovative green process solutions like bio-polymers (eg PLA) and recycling technologies to the market.”

Keith Wiggins, recently appointed CEO of Worn Again Technologies, commented: “It is a pivotal time for H&M, Sulzer and others to be investing in Worn Again Technologies. It shows that global industry leaders are behind our company’s unique technology which can replace the use of virgin resources by recapturing raw materials from non-reusable products. The investment is a considerable step forward in building momentum for Worn Again’s technology for the emerging circular economy.”

This announcement comes soon after the opening of the Worn Again Technologies pilot plant in January 2020. In addition to technology development, work is currently underway with end-of-use textile owners on the WA-Feedstock Specification, and engaging other potential stakeholders in preparation for the next phase of development which will focus on a larger demonstration facility, expected in 2021.

With essential support from investors and a strong scale-up plan, validation of the company’s innovation is on the horizon, a crucial step towards the industrialisation of this technology.

Fibre2Fashion News Desk (SV)


Must ReadView All

Pic: XiXinXing / Shutterstock.com

E-commerce | On 11th May 2021

China's e-commerce logistics activities grow in April

E-commerce logistics sector in China showed moderate growth in April...

Pic: Shutterstock

Textiles | On 11th May 2021

US-China trade war has not benefitted Indonesia in short term: PT AMT

The US-China trade war has not benefitted Indonesia in the short...

Pic: Tufts University

Textiles | On 11th May 2021

Tufts University steps towards sustainability in leather by using silk

Scientists at the Tufts University School of Engineering have created ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Textile Industry, Head honchos

Textile Industry
Head honchos

Virtual reality would be the new normal

Textile Industry, Head honchos

Textile Industry
Head honchos

Opportunity now to reimagine processes & systems in a digital environment

Raiyan Islam,

Raiyan Islam

Founded in 1981 by Sayeeful Islam, Concorde Garments Group is a market...

Shambhu Nath Jha,

Shambhu Nath Jha

Leading research and consulting firm Fact.MR recently launched a report on ...

Sanjay Vakharia,

Sanjay Vakharia

One of the first few Indian denim brands, Spykar, established in 1992, was ...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search