Swedish investment firm Altor has acquired the remaining assets of Renewcell.
- The acquisition marks a new chapter for Renewcell, which has now been renamed Circulose.
- Renewcell, founded by innovators from Stockholm’s KTH Royal Institute of Technology in 2012, filed for bankruptcy in February 2024.
- It has since looked for a new owner to safeguard and advance the patented process developed to produce Circulose pulp from 100% textile waste.
IT IS CIRCULOSE: With Altor's ownership, there is secure financing for the future of Circulose, ensuring that the company’s pioneering cotton recycling technology continues to thrive on a global scale.
- The technology of recycling cotton to make a dissolving pulp for MMCF producers was the cornerstone of the company’s operations.
- Circulose pulp, the innovative solution for textile-to-textile circularity, will remain at the forefront to create a sustainable future for the fashion and textiles industry.
- This commitment to innovation and sustainability is strengthened by Altor's investment, which provides the resources and network needed to scale Circulose’s impact and reach.
- The current inventory of Circulose pulp and fibre is ready to meet market demands, supported by the dedicated Circulose Supplier Network (CSN) partners who continue to provide high-quality materials.
- This would ensure that the market can confidently move forward with the assurance of an uninterrupted supply chain.
THE PRODUCT: Circulose is globally the only material that has been produced at scale from 100% textile waste, based on a closed-loop, chemical recycling process.
- The patented process to produce Circulose pulp from 100% textile waste is unique and has the potential to make the textile and fashion industry circular and enable a shift to a low-carbon economy.
- Today, the material is produced in a strategically located factory in Ortviken, a region with historically significant know-how from the pulp and paper industry.
- Circulose pulp is used to spin fibres which are turned into fabrics and used for new high-quality textile products.
- The Altor investment will safeguard this innovation and build on Circulose as the first puzzle piece to create a global champion for next gen materials to replace virgin cotton and MMCF fibres.
WHAT THEY SAID:
We extend our deepest gratitude to our customers, partners, and stakeholders for their unwavering support and collaboration during this journey. Together, we will continue to drive positive change, leveraging Altor's expertise and resources to enhance our capabilities and secure a confident future for Circulose and the broader textile community.
— Magnus Lundmark
Chief Executive Officer
Circulose
We don’t shy away from a challenge and this one is worth taking, both for the uniqueness of the patented technology and the urgency of scaling circular solutions for the entire textile and fashion industry, particularly to replace virgin cotton and MMCF. We are determined to partner with key stakeholders across the value chain to together unlock the potential of Circulose.
— Clara Zverina
Principal
Altor
