Swedish bio-based innovator Biosorbe has acquired the factory premises formerly owned and operated by Renewcell, whose primary business was recycling textile waste to create pulp for new textile fibres.
- As of now, only the Kristinehamn pilot plant has been sold.
- Biosorbe, which is not in the textiles business, produces oil-absorption materials. Despite these differences, the factory is still suitable for Biosorbe’s purposes, the company said Wednesday.
- On 28 March, the Renewcell Bankruptcy Trustee had announced that multiple bids had been submitted for the business and assets of the estate. These offers were to undergo a thorough review process, with a final closing expected in the middle of April.
- The Board of Directors of Renewcell on 25 February had filed for bankruptcy at the Stockholm District Court. The reason for the decision to file for bankruptcy was that Renewcell had “not been able to secure sufficient financing to be able to complete the strategic review, announced on 20 November 2023, with satisfactory result.”
THE NEW OWNER: Biosorbe has been looking for ways to expand its production, so this acquisition was the first step to achieve this goal while at the same time in an eco-friendly way.
- The advantages of taking over an already existing factory are many, the company said, since one doesn’t have to take down the factory and sell it part by part.
- The premises in Kristinehamn are large and offer an approximately 10,000 sq m industrial property as well as a process premises of approximately 2,000 sq m.
- In addition to this, there are premises for stock management, conference rooms and changing rooms, which will be useful in the future. The production in Kristinehamn is expected to start in May this year.
- Biosorbe’s journey began at Kungliga Tekniska Högskolan in Stockholm, in the section for polymer technology. Since then, the company has expanded and is now established in Sunne and Kristinehamn.
WHAT THEY SAID:
Right now, we are in the process of moving into the premises and preparing for the start of production. The acquisition of the Kristinehamn factory will also mean that Biosorbe’s headquarters will move from Karlstad to Kristinehamn in the near future, as part of the ongoing development. Biosorbe is developing on many levels.
— Kajsa Fougner
Chief Executive Officer
Biosorbe
