H&M invests in CO2-derived polyester start-up
French start-up Fairbrics has raised €6.5 million in a Pre-Series A fundraising to produce one of the main constituents of polyester, ethylene glycol, from CO2, green hydrogen and renewable energy.
Investors include venture capital firm AP Ventures and H&M CO:LAB, H&M Group’s investment arm.
Proceeds will be used to construct a pilot plant capable of manufacturing over 30 tonnes of polyester a year.
The company, which was founded 2019 by Tawfiq Nasr Allah and Benoît Illy, is partnering brands to incorporate its polyester into marketable fabrics, under the name Airwear.
In its process, CO2 is captured from industrial sources, reacted with a catalyst and solvent to generate chemicals that are used for polyester synthesis. These chemicals are polymerized to create polyester pellets which are then spun into yarn and then into fabric.
Mr Illy (pictured) said: “We are thrilled to announce this funding - it will allow us to scale up our Airwear technology to the tonne scale. This is a key milestone on our journey to bring the textile industry to a net zero carbon emitter. It will also fast-track the development of new products in our pipeline.”
Erik Karlsson, investment manager at H&M CO:LAB, added: “Having won H&M Foundation’s Global Change Award in 2020, we’re incredibly excited to extend the relationship with Fairbrics. In helping them scale their groundbreaking technology it not only perfectly aligns with our own sustainability goals, but more importantly has the potential to positively impact the entire industry.”
Read more about carbon neutral and carbon negative materials in our Features section.
