Fairbrics SAS (“Fairbrics”), a company developing carbon-neutral fabrics for the fashion industry, has raised over EUR6.5m in Pre-Series A funds. The round was led by AP Ventures, a significant investor in breakthrough decarbonisation technologies. H&M CO:LAB, H&M Group’s investment arm also participated in the raise alongside existing investors, notably Sake Bosch. Proceeds from the raise will be used to construct a pilot plant capable of manufacturing over 30 tonnes of polyester a year, using the company’s proprietary technology to produce a key raw material from CO2 and green hydrogen. The Company is partnering with key consumer brands to incorporate its polyester into marketable fabrics, under the name Airwear.
The fashion industry presents a major challenge on the journey to net zero, currently accounting for around 5% of global anthropogenic carbon dioxide emissions. The major contributor to these emissions is synthetic fibres, such as polyester, that are traditionally produced from fossil fuels. Replacing these fibres with natural alternatives, such as cotton, is challenging, and often comes with environmental challenges such as large water, fertiliser and land use.
Fairbrics is aiming to decarbonise the fashion industry one fibre at a time, starting with polyester. The Company has developed a novel process to produce one of the main constituents of polyester, ethylene glycol, from CO2, green hydrogen and renewable energy.
“We are thrilled to announce this funding - it will allow us to scale up our Airwear technology to the tonne scale. This is a key milestone on our journey to bring the textile industry to a net zero carbon emitter. Furthermore, it will also fast-track the development of new products in our pipeline. Thank you to AP Ventures, H&M Group, Sake Bosch and all our earlier seed investors for their help to fight climate change and create a sustainable future for this industry!” says Benoît Illy, co-founder of Fairbrics.
“We are excited to invest in Fairbrics and to support their aim of decarbonising the fashion industry. This innovative technology is an excellent example of the role that green hydrogen can play in decarbonising existing products when paired with carbon dioxide to create a sustainable chemical feedstock that is free of fossil-fuels,” says Kevin Eggers at AP Ventures.
“Having won H&M Foundation’s Global Change Award in 2020, we’re incredibly excited to further extend the relationship with Fairbrics through this investment via H&M CO:LAB, H&M Group’s investment arm. In helping them scale their ground-breaking technology it not only perfectly aligns with our own sustainability goals, but more importantly has the potential to positively impact the entire industry.” Erik Karlsson, Investment Manager, H&M CO:LAB
Fairbrics is a deeptech startup based in Paris. It was founded 2019 by Tawfiq Nasr Allah and Benoît Illy. Today, the company consists of a passionate team of scientists, engineers, and business-minded people with vast expertise within molecular chemistry, large-scale materials manufacturing and bringing new products to market. By capturing and utilising carbon dioxide emissions, Fairbrics is developing a synthetic fibre of tomorrow to help tackle climate change.
For further information, please contact: Benoît Illy, Co-Founder and CEO, email@example.com
About AP Ventures
AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 19 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). More info at: www.apventures.com