Fairbrics raises over EUR6.5 m to develop carbon-neutral fabrics

YarnsandFibers News Bureau 2022-03-29 10:31:59 – France

Fairbrics SAS ("Fairbrics"), a firm that creates carbon-neutral fabrics for the fashion industry, has raised more than EUR6.5 million in pre-Series A funding. AP Ventures, a major investor in breakthrough decarbonization technology, led the financing. H&M CO:LAB, the investment arm of the H&M Group, joined the round alongside existing investors, including Sake Bosch.

The funds raised will be used to build a pilot plant capable of producing more than 30 tonnes of polyester per year, based on the company's proprietary process for producing a critical raw material from CO2 and green hydrogen. Under the brand name Airwear, the company is collaborating with major consumer companies to incorporate its polyester into marketable fabrics.

The fashion business, which now accounts for roughly 5% of worldwide anthropogenic carbon dioxide emissions, poses a significant hurdle on the road to net zero. Synthetic fibers, such as polyester, which are typically made from fossil fuels, are a substantial contributor to these emissions. Replacing synthetic fibers with natural alternatives like cotton is difficult, and it typically comes with environmental consequences like increased water, fertilizer, and land consumption.

Fairbrics hopes to decarbonize the garment business one fiber at a time, beginning with polyester. The company has created a revolutionary process for producing ethylene glycol, one of the most important components of polyester, from CO2, green hydrogen, and renewable energy.

Benoît Illy, co-founder of Fairbrics, said that they’re thrilled to receive this money; it will enable them to scale up their Airwear technology to a tonne scale. This is a significant step forward in their efforts to make the textile business carbon-neutral. It will also help them accelerate the development of new goods in their pipeline. He thanked AP Ventures, H&M Group, Sake Bosch, and all of their previous seed investors for their support in combating climate change and ensuring the industry's long-term viability.

Kevin Eggers at AP Ventures, said that they're thrilled to be investing in Fairbrics and supporting their goal of decarbonizing the apparel sector. When green hydrogen is combined with carbon dioxide to create a sustainable chemical feedstock that is free of fossil fuels, this revolutionary technology is an outstanding example of the role that green hydrogen can play in decarbonizing existing products.

Erik Karlsson, Investment Manager, H&M CO:LAB, said that after winning the H&M Foundation's Global Change Award in 2020, they're ecstatic to further their partnership with Fairbrics with this investment from H&M CO:LAB, the H&M Group's investment arm. It not only completely coincides with their own environmental goals, but it also has the potential to favorably impact the whole industry by assisting them in scaling their ground-breaking technology.

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