PARIS - French sustainable textile startup Fairbrics has raised more than €6.5 million (US$7.2m) to build a pilot plant to produce its carbon-neutral polyester.
The Pre-Series A funding round was led by AP Ventures, an investor in breakthrough decarbonisation technologies, and also supported by Swedish fashion giant H&M’s investment arm H&M CO:LAB.
The proceeds will be used to construct a pilot plant which will use Fairbrics's proprietary technology to produce 30 tonnes of polyester a year from CO2 and green hydrogen.
