Fairbrics Raises €22 M to Bring to Market its CO2-Based Polyester Fiber and Reduce the Textile Industry’s Carbon Footprint
Faibrics, a sustainable chemical company developing a technology that converts CO2 emissions into high value polyester through a circular manufacturing approach, announced it raised €17 million from the European Union’s Horizon 2020 Research & Innovation Programme and €5 million from Partners to the Technology Upscaling Project, representing a total amount of €22 million to bring its innovative solution to market.
The EU’s grant was awarded to a consortium coordinated by Fairbrics that brings together 13 partners from 7 countries throughout Europe, ranging from upstream and process development experts (i.e., engineering design, CO2 capture, chemical reuse, electrolyser) to final product specialists (i.e., Faurecia for automotive, Les Tissages de Charlieu for textile).
For the project to have a big impact on society, it also has a strong educational component. Working with academic partners, the project will create learning and training resources on CO2 valorisation for young professionals, college students, and people who want to keep learning.
The combined funds will be used to upscale Fairbrics’ technology, first in a pilot line of 100 kg/day by 2024 and later, by 2026, in a 1 ton/day demo plant.
The primary aim is to fight climate change and accelerate energy-intensive industries’ decarbonisation by replacing fossil-based polyester with CO2-based polyester, using a circular approach that recycles CO2 waste fumes from chemical plants into high-value textile products. Fairbrics targets sectors employing polyester as a main material: clothing but also sports equipment, automotive, and packaging.
“By using CO2 emissions instead of fossil resources to manufacture polyester, Fairbrics addresses one of the greatest global challenges, climate change caused greenhouse gas (GHG) emission. This funding comes as a strong recognition of the work Fairbrics has accomplished so far, the quality of the consortium we brought together, and the extraordinary potential of our technology to provide highly polluting industries like textile with an alternate environment-friendly and economically viable solution,” said Benoît Illy, Cofounder and CEO of Fairbrics.
Today, polyester makes up 60% of all textiles made in the world and a third of all greenhouse gas emissions from the fashion industry. Fairbrics helps industries that use a lot of energy by replacing fossil fuel sources with CO2-based sources. This is a long-term and scalable solution.
Fairbrics will initially address the fashion industry and has already secured strategic partnerships with major brands such as H&M, On-Running and Aigle. It intends to progressively diversify its technology platform with solutions addressing other sectors such as sports equipment, packaging, and automotive.
Source: BUSINESS WIRE