HELSINKI – Infinited Fiber Company, which produces cellulosic fibre from textile waste, has secured €30 million (US$35.6m) in new capital, with the likes of Bestseller, H&M and Adidas amongst the investors.
Bestseller and H&M have also announced new multi-year sales agreements with the Finnish innovator, following in the footsteps of outdoor brand Patagonia.
It lays the foundations for a successful launch at Infinited Fiber's planned €220 million (US$261m) flagship factory in Finland, which will be capable of producing 30,000 metric tonnes of the chemically-recycled fibre per year.
“We can now also boost our pilot facilities so that we can better serve our existing customers and also grow our customer-base in preparation for both our flagship factory and for the future licensees of our technology,” commented the firm's co-founder and CEO, Petri Alava.
