Infinited Fiber Company raises EUR 3.7 million
Finnish startup Infinited Fiber Company (IFC) has raised 3.7 million euros in funding. The investors include H&M Group, Fortum and Virala.
IFC is commercialising technology for producing cotton-like fibre from recycled fibre and cellulose for the textile industry. It currently runs a 50-tonne pilot plant in Finland and plans to ramp up annual production to 500 tonnes in order to meet growing demand.
“I’m very proud that we have created a technology that enables textile waste to be used over and over again by producing a strong, sustainable fibre without compromising quality and comfort,” said Petri Alava, CEO of IFC, in a release. “We are delighted to welcome the global fashion retailer H&M Group, as well as Fortum, a leading clean energy and resource efficiency company, and Finnish investment company Virala, to be our new partners in closing the loop for textiles.”
IFC’s business model is to licence the technology, originally developed at VTT Technical Research Centre of Finland, to global fibre producers and has scheduled the sale of its first licensed commercial plant with a 25 000-tonne capacity for 2020–2021.