STOCKHOLM – Swedish textile recycler Renewcell has raised SEK 158 million (US$14.3 million) in a new share issue to cover losses caused by delays in achieving production at its new flagship factory.
Renewcell announced in August that its new factory at Sundsvall, Sweden - set to be the world’s first industrial scale 100 per cent textile-to-textile recycling plant - was up and running and expected to be producing the company's 'Circulose' fibre within a month.
However, CEO Patrik Lundström has now confirmed that this was taking longer than anticipated: "In all humility, it is now clear that we have been somewhat too ambitious in our time planning," he said.
