SHANGHAI — July 5, 2021 — Viscose producer Sateri, a member of the RGE group of companies, continues its collaboration with Infinited Fiber Co., a textile fiber technology group based out of Finland, and participated in the company’s latest 30 million euro funding round completed on June 30, 2021. In addition to existing investors like Sateri, Infinited Fiber has attracted new investors including adidas and BESTSELLER.
Allen Zhang, president of Sateri, commented: “We started our collaboration in 2019 as a significant investor in the previous funding round. Sateri is excited to continue our collaboration with Infinited Fiber Company as part of our Sateri Vision 2030 commitment towards closed-loop, circular and climate-positive cellulosic fibres. This financing round marks a major milestone for both companies as we seek to scale up next-generation fibre solutions.”
Petri Alava, Infinited Fiber’s co-founder and CEO, added: “We are really happy to welcome our new investors, and grateful for the continued support from our existing investors. We see significant promise in our technology for major textile fibre producers, and we look forward to the continued collaboration with Sateri.”
This securement of new funding follows Infinited Fiber’s April announcement of plans to build a flagship factory in Finland in response to the strong growth in demand from global fashion and textile brands for its regenerated textile fiber Infinna™. The factory, which will use household textile waste as raw material, is expected to be operational in 2024 and to have an annual production capacity of 30,000 metric tons. The new funding enables Infinited Fiber to carry out the work needed to prepare for the flagship factory investment and to increase production at its pilot facilities in the years leading to 2024. The engineering progress supported by the additional funds also accelerates Infinited Fiber’s ongoing collaboration and potential technology licensing with Sateri.
Sateri strategically contributes to RGE’s commitment and strategic business direction. Sateri has developed and produced a diverse range of circular and sustainable products including Lyocell and FINEX™, which is made from recycled textile waste. The in-house R&D efforts and the investment in Infinited Fiber Company are part of RGE’s $200 million investment commitment to advance next-generation textile fiber innovation and technology.
Posted July 6, 2021
Source: Sateri
