LOS ANGELES And TAIPEI — August 13, 2024 — Shinkong Synthetic Fibers Corp., a polyester producer, has invested $10 million in Ambercycle’s first state-of-the-art commercial facility.
Shinkong’s contribution to the material science company’s facility will help expand global production capacity for its premium material made from end-of-life textiles. It builds on three years of collaboration that harnessed Ambercycle’s molecular regeneration technology and Shinkong’s extensive experience in the premium polyester market to jointly manufacture regenerated yarns and meet the growing demand for cycora® material.
“This investment signifies a crucial milestone in our endeavor to make circular materials widely available,” said Shay Sethi, co-founder and CEO of Ambercycle. “We are excited to deepen our partnership with Shinkong. This investment enables us to scale up to meet the growing demand of our customers and push the boundaries of sustainable textile production.”
Demand for decarbonized polyester is expected to reach approximately 7 million metric tons annually in 2026, up from 5 million metric tons in 2015, as more brands seek out circular materials to reach their sustainability goals.
“Recognizing Ambercycle’s leadership in circular solutions, we are eager to support their expansion,” stated Eric Wu, chairman at Shinkong Synthetics. “Investing in their new facility is not just a strategic move — it’s a commitment to pioneering a future with decarbonized polyester, which we see as critical to our business. This collaboration will further amplify our capacity to deliver high-performance, sustainable products to the global market.”
Ambercycle expects to commence operations at the new facility in 2026, further strengthening the partnership between both companies. This strategic expansion will significantly enhance their ability to support circularity and scale next-gen materials within the textile industry, aligning with global efforts to transition towards more decarbonized production practices.
Posted: August 13, 2024
Source: Ambercycle
