Petri Alava, the Co-founder and CEO of Infinited Fiber Company, states: “The financial market for growth companies remains challenging, which has led us to the decision to start cooperation negotiations with our employees. In this environment we want to be thoughtful on prioritizing actions and streamlining costs. The promising financing round and negotiations both with current and new investors continue, but take more time than we initially anticipated.” 

Alava continues: “Our product, the regenerated Infinna™ fiber, has strong, proven demand, and it is widely perceived as one of the enablers for green transition in the fashion and textile industry. The industry needs a shift from linear to circular economy, which requires advanced solutions for textile-to-textile recycling. The successful scaling of these next generation technologies is crucial for the realization of green transition.”