STOCKHOLM – Swedish textile recycler Renewcell has raised SEK 240 million (US$22.1M) in a new share issue to cover the extra costs of ramping up production at its flagship factory following delays partly due to a fire earlier this year.
Production at Renewcell's factory at Sundsvall, Sweden - billed as the world’s first industrial scale 100 per cent textile-to-textile recycling plant - began at the start of the year but is still short of its initial target of 60,000 tonnes a year.
"As of today, Renewcell 1 operates with a production capacity of 46% and is expected to reach full production capacity in early 2024 - full production capacity corresponds to 60,000 tons per year, or 5,000 tons per month," it said in a statement.
