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STOCKHOLM – Swedish textile recycler Renewcell has raised more than 324 million Swedish krona (US$31.9 million) in a share issue to fund plans to double the capacity of its new flagship factory to meet industry demand.

The company's new plant at Sundsvall - due to start operating in the middle of this year – will initially be capable of producing up to 60,000 metric tons per year of its 'Circulose' recycled textile.

The company announced in February that it had decided to double the plant's capacity to 120,000 metric tons next year and also to bring forward plans to later reach a capacity of 360,000 metric tons by five years to 2025.

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