Technology licensing company Worn Again Technologies has secured up to €8 million in new equity capital from investors, including follow-on commitments from two of its existing strategic investors, H&M Group and Sulzer. The company is developing what it calls a unique polymer recycling process that will enable raw materials in textiles and polyester packaging to be kept in constant circulation, driving economic, social and environmental benefits.
Erik Karlsson, Investment Manager at H&M Group’s investment arm CO:LAB, said: “Having worked with Founder Cyndi Rhoades and the impressive team since 2013, we’re thrilled to continue our journey by further investing in Worn Again Technologies as they move into an exciting new phase towards commercialisation over the coming years. Their regenerative recycling technology not only aligns perfectly with the H&M group’s vision to become fully circular, but also has the potential to benefit the entire industry.”
Keith Wiggins, recently appointed CEO of Worn Again Technologies, commented: “It is a pivotal time for H&M, Sulzer and others to be investing in Worn Again Technologies. It shows that global industry leaders are behind our company’s unique technology which can replace the use of virgin resources by recapturing raw materials from non-reusable products.
Source: Bio Market Insights
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