Paris-based Faibrics has raised €22 million

Faibrics, a sustainable chemical company working on a technology that uses a circular manufacturing process to turn CO2 emissions into high-value polyester, announced that it has raised a total of €22 million to market its innovative product, including €17 million from the European Union’s Horizon 2020 Research & Innovation Program and €5 million from Partners to the Technology Upscaling Project.

The grant from the EU was given to a consortium led by Fairbrics that consists of 13 partners from 7 different European nations, ranging from experts in upstream and process development (such as engineering design, CO2 capture, chemical reuse, and electrolyzer) to experts in final product development (i.e. Faurecia for automotive, Les Tissages de Charlieu for textile).

The Project has a significant educational component as well, and in collaboration with academic partners, it will provide learning and training materials on CO2 valorization for young professionals, college students, and lifelong learners in order to promote societal impact.

The combined funds will be utilized to further Fairbrics’ technology, first in a 100 kg/day pilot line by 2024 and then in a 1 ton/day demonstration plant by 2026. The main goal is to combat climate change and quicken the decarbonization of energy-intensive industries by switching from polyester derived from fossil fuels to polyester derived from CO2, using a circular strategy that transforms CO2 waste fumes from chemical plants into high-value textile products. In addition to clothes, Fairbrics also targets the automotive, packaging, and sports equipment industries.

Benoît Illy, Cofounder and CEO of Fairbrics, said that Fairbrics solves one of the major global challenges, climate change-driven greenhouse gas (GHG) emission, by using CO2 emissions instead of fossil resources to create polyester. The work Fairbrics has done thus far, the caliber of the consortium they assembled, and the extraordinary potential of our technology to offer highly polluting industries like a textile with an alternative environmentally friendly and economically viable solution are all strongly recognized by this funding.

Today, 60% of all textiles produced globally and a third of the greenhouse gas emissions from the fashion industry are due to polyester. Fairbrics offers an energy-intensive industry a sustainable and scalable alternative by substituting fossil fuel sources with CO2-based sources. Fairbrics will first focus on the fashion sector and has already established strategic alliances with well-known companies like H&M, On-Running, and Aigle. It plans to gradually expand its technology base by developing products for markets including sports equipment, packaging, and automobiles.