Worn Again Technologies secures new investment to build ground-breaking textile recycling facility
This latest investment round brings Worn Again Technologies’ total raised funding to GBP 42.9 million, representing the start-up’s most successful funding tranche since its founding. Showing strong backing for the company’s vision, this participation came from some existing partners and main stakeholders.
As an innovator in the field of chemical recycling, Worn Again Technologies aims to drive a paradigm shift in the textile and fashion industries. The company is focused on enabling the creation of a more sustainable, conscious, and resilient value chain based on zero-waste, circular strategies. The secured funding is dedicated to the realization of a large-scale demo plant that will leverage ground-breaking polymer processing technologies to upcycle 1’000 tonnes of textiles per year. More precisely, the investment will help drive the expansion of the company and its setup, contributing to the commercialization of a highly effective solution to reduce textile waste.
Erik Koep, CEO at Worn Again Technologies, states: “We are extremely happy with the results of this funding round, which was our most successful so far. As such, it demonstrates the strength and growing interest in our textile recycling framework. We are well-positioned to enter the next phase of our business growth, as we can get closer to offering large-scale commercial facilities for blended polycotton materials.”
Torsten Wintergerste, Division President of Sulzer Chemtech and Chairman of Worn Again Technologies, comments: “We strongly believe in Worn Again Technologies’ mission and are firmly committed to ensuring its success. This is why we have provided support through investments as well as with our leading polymer processing expertise and infrastructures. Even more, we have a close connection to the demonstration plant, which is being built near to our headquarters in Winterthur, and we are keen to see it operating as soon as possible.”
Georg Stausberg, CEO Oerlikon Polymer Processing Solutions Division, concludes: “The time for circular strategies and their enabling technologies is now. This is why cutting-edge projects, such as Worn Again Technologies’ demonstration plant, are so valuable and are advancing at pace alongside current market trends and demands. We are excited to support this start-up in its next steps, driving the creation of a collaborative, circular economy for textiles.”
Image 1: Worn Again Technologies secures new investment to build ground-breaking textile recycling facility (Image Source: shutterstock_1537681748)
Worn Again Technologies was founded in East London in 2005, with a vision to eradicate textile waste. Since 2012, the company has been in development of a unique polymer recycling technology which separates, decontaminates and extracts polyester and cellulose (from cotton) from non-reusable textiles. The dual PET and cellulose outputs can be reintroduced into supply chains to become new fibre, textiles and products as part of a continual cycle.
The regenerative recycling technology is being brought to life by an expert team and strategic partners who have a shared ambition of creating a circular textiles industry. The company has valued strategic investors including H&M Group, Sulzer Chemtech (global market leader in innovative mass transfer, static mixing and polymer solutions for petrochemicals, refining and LNG), Oerlikon (leading materials and surface solutions provider), Mexico-based Himes Corporation (a garment manufacturer) and Directex (a textiles producer), as well as the support of influential brands and partners, such as Kering, ASICS Europe, Sympatex, Dibella and Dhana.
In November 2017, Worn Again Technologies was invited to become part of the Fashion for Good scaling programme. In 2019, Worn Again Technologies received the ANDAM Innovation Prize, the PCIAW Outstanding Contribution to the Textile Industry and the ‘One to Watch’ at the Global Good Awards. In 2019, the company’s Founder, Cyndi Rhoades, was also a finalist for The Circular Economy Awards Leadership award.
Worn Again Technologies is also a signatory and key contributor to the UNFCCC Fashion Industry Charter for Climate Action.
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Worn Again Technologies: Karen Shakespeare-Fletcher
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