STOCKHOLM – Swedish textile recycler Renewcell has raised SEK 240 million (US$22.1M) in a new share issue to cover the extra costs of ramping up production at its flagship factory following delays partly due to a fire earlier this year.
Production at Renewcell’s factory at Sundsvall, Sweden – billed as the world’s first industrial scale 100 per cent textile-to-textile recycling plant – began at the start of the year but is still short of its initial target of 60,000 tonnes a year.
“As of today, Renewcell 1 operates with a production capacity of 46% and is expected to reach full production capacity in early 2024 – full production capacity corresponds to 60,000 tons per year, or 5,000 tons per month,” it said in a statement.
Already have an account? Log In
Recommended
Most Popular
Latest Magazine
Features
Why the EU’s regulatory push for longer-lasting clothes could enrich the wrong industry.
Textile dye recovery is technically real, but experts warn that it risks becoming a costly sideshow.
When profits wobble, fashion brands default on climate, pushing self-issued net-zero targets over the horizon.
News
A new evidence-based review challenges assumptions over organic cotton’s growth.
EU anti-fraud investigators help block the illegal export and dumping of thousands of tonnes of textiles.
SBTi’s new net-zero standard tightens rules on fashion’s climate claims
Opinion
Exclusive: Uzbek cotton cluster boss hails big reforms as human rights campaigners claim exploitation
Other publications from MCL News & Media
