Zhang Wentao, president of Sateri, said: "This round of financing is an important milestone for both companies, which will certainly contribute to expand the production scale of recycled fiber. As an important investor in the last round of financing, Sateri has been cooperating with IFC since 2019. Meanwhile, this round of financing is also a part of the Sateri 2030 sustainable development vision, namely the development of recycled fiber." 

Petri Alava, co-founder and CEO of IFC, pointed out, "Our technology is of great significance to fiber manufacturers, and we look forward to additional cooperation with Sateri. Meanwhile, we welcome new investors and appreciate the support of existing investors." 

In order to meet the strong demand growth of global fashion and textile brands for recycled fiber Infinna, IFC announced in April this year that it planned to construct a flagship factory in Finland. The new factory is expected to be put into operation in 2024, with an annual production capacity of 30,000 tons, and will use waste household textiles as raw materials. The new funds not only accelerate the cooperation between IFC and Sateri, but also enable the company to start preparing for the construction of the flagship factory before 2024. 

Source: Sohu.com