Retail giants, H&M Group, Virala and Fortum have joined hands with Singapore-based RGE Pte Ltd to help Infinited Fiber Company (IFC) scale up its technology that recycles textile waste and other pulp-based materials into new textile fibers.
A strategic co-operation agreement has been signed between RGE and IFC to commercialize the startup’s technology.
Recently, the company leased production facilities in Valkeakoski city, Southern Finland, for a new pre-commercial 500 tonne per annum plant and customer training centre that will start up in early 2020.
Mr Petri Alava, CEO of IFC, “This new investment amount, the largest single IFC has received to date, supplements the earlier partnerships with H&M Group, Virala and Fortum, we announced in April this year. We are delighted to have RGE on board as a strategic partner as we can apply what we learn from their global operations to accelerate our plan to bring our technology to large-scale manufacturing.”
He added, “This new financing will enable us to finalize the scaling of the technology and to extend our fiber production capacity to enable global leading brands to bring capsule collections to the markets in 2020.”
Mr Tey Wei Lin, President of RGE added: “RGE is keen to support innovative next-generation solutions that can be applied at industrial scale. IFC’s technology is exciting as it brings together the use of recycled feedstock and clean solvent in a circular fashion to produce fibers. Our viscose business groups, Sateri and Asia Pacific Rayon, collectively produce about 1.4 million tons of viscose annually using raw materials from renewable plantations.”
IFC has raised €8 million of funds this year, including €1.96 million recently awarded by the European Innovation Council.