Fouriertransform invests SEK 48M in the recycling company re:newcell
Fouriertransform, the state-owned venture capital company, has together with the investment company Girincubator, invested SEK 48 million in the Swedish innovation company re:newcell. The investment will be used to build the world’s first production line for textile pulp from recycled textiles.
The increased production of textiles is one of the big global environmental challenges. Cotton requires irrigation and is often grown in arid countries where the production has a large impact on the local water supply. Furthermore, petroleum based synthetic fibres, such as polyester, emit large amounts of greenhouse gases and are not bio-degradable.
Today, only a small portion of these textiles are re-used and an even smaller portion recycled. If 1kg of clothing were to be reused instead of produced from virgin sources, it would save 3,6kg carbon dioxide, 6000 litres of water and 0,3 kg of fertilising chemicals and 0,2kg of insecticides.
Through the Swedish innovation company re:newcell’s patented process, the environmental impact from the textile industry can be drastically reduced by recycling cellulosic based textiles, such as cotton and viscose. The process will also reduce transport distances, allow more land for food production and reduce waste.
The SEK 48 million investment from Fouriertransform and Girincubator will be used to build the world’s first production line for textile pulp from recycled textiles in Kristinehamn, Värmland.
”re:newcell is fully in line with Fouriertransform’s strategy to invest in world-class manufacturing industry with high innovation and opportunity for global growth. The technology represents a potentially important future circular solution to responsibly manage the challenge to meet the growing world demand for cotton textiles, which is a limited resource for the fashion and textile industry." says Per Aniansson, Investment Director Fouriertransform.
"The goal with re:newcell is to be part of creating a modern textile industry with resource efficient processes and materials. It is with great pleasure that we take the next step in its development, with a first production line and a very strong ownership." says Malcolm Norlin, co-founder of re:newcell and Chairman of Girincubator.
The technology originated from research and development by Prof. Mikael Lindström and Prof. Gunnar Henriksson and Dr. Christofer Lindgren, all at KTH in Stockholm.
Girincubator AB is a family owned investment company focusing on innovative companies with significant global potential within sustainable businesses, typically based on cellulose. The team has a long and successful track record in developing such products, solutions and companies for the world market. Girincubator is based in Stockholm.
re:newcell AB is a Swedish innovation company within sustainable textile recycling. The main focus is recycling of cotton and other cellulose-based materials. The company is now building the world's first production line for textile pulp from recycled textiles in Kristinehamn. Globally, there are about 29 million tons of cellulose-based fibre to recycle globally every year. re:newcell’s ambition is to bring such fibre to the value chain so as to create a circular fashion and textile industry. More information: www.renewcell.se
Press release in PDF
For further information:
Per Nordberg, CEO, Fouriertransform AB
Tel: +46 8 410 40 601
Per Aniansson, Investment Director, Fouriertransform
Tel: +46 708660429
Henrik Norlin, Girincubator and board member re:newcell AB
Tel: +46 739898895