US-based textile recycling innovations company, Evrnu, announced that it has raised $15 million in Series B funding to help it scale and fulfill the growing demand for NuCycl, its fiber regeneration platform, as a solution to the textile waste challenge.
FullCycle Climate Partners led the round and will also serve as a substantial project funding partner. Hansae, Bestseller, and PDS Venture, PDS Multinational Fashions' venture tech portfolio, are among the global supply chain partners and brands that have joined the round as co-investors.
Stacy Flynn, CEO & Co-Founder of Evrnu, said that they've iterated and fine-tuned NuCycl technologies over the last few years to meet and exceed the quality and performance expectations of the luxury industry. They're now validating these technologies at scale, with ambitions to expand globally in the near future.
Evrnu will use this strategic funding to grow its facilities and operations in South Carolina, as well as serve huge volumes of NuCycl fibers to the fashion sector. As Evrnu accelerates global deployment of NuCycl to meet the scale required to reduce reliance on virgin resources and create material emissions savings throughout the fashion value chain, it will also enable crucial strategic hires in growth functions and technical jobs.
Kyle Adkins, Partner at FullCycle, said that brands understand that they must significantly reduce their emissions and that their customers are watching and expecting that they do so. FullCycle is thrilled to collaborate with Evrnu to develop and deploy genuine molecular circularity that has the power and size to fulfill the needs of even the largest players in this global sector.
Evrnu's ground-breaking solutions pave the way for the tens of millions of tonnes of textile waste that wind up in landfills or incinerators each year to be reintroduced into the value chain. The NuCycl platform depolymerizes textile waste and depolymerizes it into pristine fibers that are equal to or better than the originals. The NuCycl platform depolymerizes textile waste and repolymerizes it into pristine fibers that are equal to or better than the inputs, and can be recycled several times — a breakthrough in textile recycling.
Evrnu is on track to deploy technologies that allow all textiles to be effectively recycled by 2030, has created technology to address the recycling of 90%+ of all garments, with one patent awarded and numerous others pending.
Evrnu's CTO Christopher Stanev, said that all gold that's ever been obtained is still in circulation — it gets melted and cast over and over again. Their methods enable textile fibres to stay in circulation while keeping their performance qualities.
With this funding, Evrnu will roll out each technology in collaboration with global supply chain partners to satisfy the needs of this emerging market and achieve the size needed to have a significant impact. Evrnu is now working on advanced R&D contracts in fashion as well as new areas including home furnishings and autos.
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