Worn Again Technologies has raised GBP27.6m (US$30.5m) to help fund the development of a cutting-edge textile recycling demonstration plant in Winterthur, Switzerland. This accomplishment marks a turning point in the development of circular business models for difficult-to-recycle fabric blends. Sulzer, Oerlikon, and fashion store H&M are among the major strategic investors in Worn Again.
Worn Again Technologies has now raised a total of GBP 42.9 million, which is the most profitable funding round for the startup since its inception. This involvement was made possible by certain current partners and significant stakeholders, demonstrating strong support for the company's objectives.
Worn Again Technologies seeks to bring about a paradigm shift in the textile and apparel industries as a leader in chemical recycling. The company's main goal is to facilitate the development of a value chain that is more sustainable, conscientious, and resilient and is built on circular, zero-waste techniques. The financing has been acquired for the construction of a large-scale demonstration facility that will use cutting-edge polymer processing technology to upcycle 1000 tonnes of textiles annually. More specifically, the funding will support the company's growth and setup, assisting in the commercialization of a highly efficient textile waste reduction solution.
Erik Koep, CEO at Worn Again Technologies, said that they’re ecstatic with the outcomes of this investment round, which was their most fruitful yet. As a result, it exemplifies the durability and rising popularity of their textile recycling system. They are in a good position to move into the next stage of their business development since they are getting closer to providing extensive commercial facilities for materials made of blended polycotton.
Torsten Wintergerste, Division President of Sulzer Chemtech and Chairman of Worn Again Technologies, said that they completely commit to guaranteeing the success of Worn Again Technologies and strongly believe in its goal. For this reason, they have offered support through investments in addition to their industry-leading infrastructure and expertise in polymer processing. Furthermore, they are eager to see the demonstration plant operational as soon as possible because they have a close link to it and it is being built close to their Winterthur offices.
Georg Stausberg, CEO of Oerlikon Polymer Processing Solutions Division, said that the moment for circular strategies and their enabling technology is here. To keep up with the needs of the market, cutting-edge projects like the demonstration plant of Worn Again Technologies are becoming increasingly valuable. They are thrilled to assist this startup as it moves forward with developing a cooperative, circular economy for textiles.
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