Worn Again, a technology licensing company that is developing polymer recycling processes to enable raw materials in textiles and polyester packaging to be kept in constant circulation, has generated up to €8 million in new equity capital from investors, including follow-on commitments from two of its existing strategic investors, H&M and Sulzer.
This significant financial backing is a vote of confidence in the company’s enhanced recycling technology and proposed circular licensing business model, which promises to be crucial in closing the loop in the end-of-use polyester and polycotton/cellulose textile industry.
The investment provides over two years of operating capital and will be used to accelerate and complete the company’s fundamental technology development through the R and D phase. It will also provide the base financing required in the next phase of bringing the technology to market.
Through these ongoing strategic partnerships with two global industry players, Worn Again Technologies will benefit from the world-leading expertise of H&M Group’s supply chain and consumer-facing business, as well as the advanced manufacturing and industrial capabilities of Sulzer Chemtech.
With essential support from investors and a strong scale-up plan, validation of the company’s innovation is on the horizon, a crucial step towards the industrialisation of this technology.