LONDON – UK based chemical textile-textile recycling business, Worn Again Technologies, has secured up to €8m in new equity capital from investors. The financial support includes follow-on commitments from two of its existing strategic investors, H&M Group and Sulzer.
This financial backing is a vote of confidence at a critical time in the company’s enhanced recycling technology and proposed circular licensing business model, which claims to be crucial in boosting recycling options 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 technology development through the R&D phase. It will also provide the base financing required in the next phase of bringing the technology to market.
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 (e.g. 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.