WINTERTHUR, Switzerland — October 7, 2022 — Worn Again Technologies has completed its latest funding round, raising 27.6 million British pounds to support the construction of an innovative textile recycling demonstration plant in Winterthur, Switzerland. This achievement represents a milestone in the commercialization of circular strategies for hard-to-recycle fabric blends. Worn Again counts industrial stalwarts Sulzer and Oerlikon as well as fashion retailer H&M as key strategic investors.
This latest investment round brings Worn Again Technologies’ total raised funding to 42.9 million British pounds, 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, stated: “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, concluded: “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.”
Posted: October 7, 2022
Source: Worn Again Technologies
