Circ gives entry to Far Eastern Group in its capital to scale its recycling formula

Circ gives entry to Far Eastern Group in its capital to scale its recycling formula
Circ gives entry to Far Eastern Group in its capital to scale its recycling formula

Circ gains partners to scale its recycling. The American company Circ, specialized in textile-to-textile chemical recycling, has given its capital to the Asian conglomerate Far Eastern Groupone of the largest polyester producers worldwide.

Through the group’s investment arm, Drive Catalyst, the Asian producer has invested in Circ with the aim of scaling the American company’s technology and increasing the amount of recycled fibers it produces annually. This investment responds to Circ’s plans to open a second factory in 2026 and reach a production of 65,000 tons of fiber per year.as Modaes advanced.

“By combining Far Eastern Group’s manufacturing capabilities with Circ’s pioneering textile-to-textile recycling technology, This union will allow us a unique position capable of scaling the production of recycled polyester textile by textile,” the company explained in a statement.

Circ has other renowned investors in its capital, such as Inditex or Breakthrough Energy Ventures

Far Eastern Group’s investment plays a “critical role” in the launch of Circ’s first industrial production facility, said Peter Majeranowski, Circ’s president and CEO. Currently the company processes five tons a day at its plant in North Carolina (United States), although plans to recycle up to 10 billion items of clothing between now and 2030.

Circ’s plans for the new factory involve replicating this plant in Europe or Asia, two places that the company considers “strategic.” To carry out this expansion, The American company already has the support of Inditex, Zalando or Breakthrough Energy Venturesthe investment fund created by Bill Gates.

This is not Far Eastern Group’s first bet in the next generation materials sector. The conglomerate is also part of Ambercycle’s capitalalso an American company dedicated to the production of recycled polyester.

The main value of Circ’s technology lies, however, in recycling garments made from cotton and polyester blends. This mixture, known in English as polycotton, It is one of the most present on the market and difficult to recycle due to the different characteristics of both materials..

 
For Latest Updates Follow us on Google News
 

-

PREV Bolivia: closing price of the dollar today June 17 from USD to BOB
NEXT Used cars in Colombia that are worth less than 20 million: Optra, Twingo and Mazda