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WILTON – Textile recycling company Worn Again Technologies has secured up to €8 million (US$9m) in new equity capital from investors including further backing from Swedish fashion brand H&M.
Swiss engineering company Sulzer Chemtech has also agreed to add to its existing stake in the company which opened its first pilot plant to separate and extract polyester and cellulose from mixed fabric waste in January.
The investment provides Worn Again Technologies with more than two years of operating capital and will be used to accelerate the company’s technology through the R&D phase. It will also provide the base financing required in the next phase of bringing the technology to market.
