Allen Zhang, President of Sateri, commented, “We started our collaboration in 2019 as a significant investor in the previous funding round. Sateri is excited to continue our collaboration with Infinited Fiber Company as part of our Sateri Vision 2030 commitment towards closed-loop, circular and climate-positive cellulosic fibres. This financing round marks a major milestone for both companies as we seek to scale up next-generation fibre solutions.”

Petri Alava, Infinited Fiber Company’s co-founder and CEO, added “We are really happy to welcome our new investors, and grateful for the continued support from our existing investors. We see significant promise in our technology for major textile fibre producers, and we look forward to the continued collaboration with Sateri.”

This securement of new funding follows Infinited Fiber Company’s April announcement of plans to build a flagship factory in Finland in response to the strong growth in demand from global fashion and textile brands for its regenerated textile fibre InfinnaTM. The factory, which will use household textile waste as raw material, is expected to be operational in 2024 and to have an annual production capacity of 30,000 metric tons.