Infinited Fiber raised strategic investment from Singapore global resource-based manufacturer RGE.
Infinited Fiber, an Espoo, Finland-based manufacturer of textile by using a technonology that turns textile waste and other pulp-based materials into new textile fibres, announced getting into a strategic investment with the Singapore -based RGE Pte Ltd.
The deal, which has financial details undisclosed, involves an equity participation as well as a co-operation agreement in order to commercialise the startup’s technology. With the financing, RGE will hold a 10% stake in the company.
Infinited Fiber Company Ltd. (IFC), founded in 2018 as a spinoff from VTT and led by CEO Petri Alava, developed a technology that can turn textile, cardboard and agricultural waste to new and better cotton. The brand-new fiber can be circulated infinite times while preserving 100 % quality.
The company is currently running a 50-ton per annum pilot plant next to its HQ in Espoo (Finland) and is going to build a second pre-commercial 500-ton per annum plant to start up in Valkeakoski by early 2020. IFC employs 11 people and its turnover in 2018 was EUR 1.5 million.
The announcement was made a few months after IFC raised $4.2M from H&M, Fortum and Virala. Infinited Fiber is mainly owned by two of the company's founders, who own about half of the shares, followed by VTT Ventures with just under 14 percent, Fortum just under 4 percent, H&M Group and Virala each wih about 5 percent.
The company's board is led by chairman Pertti Korhonen, and includes Inka Mero, Heli Antila (Fortum) and Ali Harlin (VTT Research).