STOCKHOLM – Swedish textile recycler Renewcell has raised an additional SEK 100 million ($9.8m) in short-term finance – with backers including major shareholder H&M – in a bid to ease its financial difficulties.
H&M has also signed a ‘non-binding term sheet’ to buy 7,000 metric tons of fibre containing Renewcell’s Circulose pulp, through its supply chain, during 2024, and another 11,000 metric tons during 2025. This could lead to a binding off-take agreement subject to further negotiations.
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