DRIVE, the venture capital arm of Far East Group
Catalyst is investing $5 million in Ambercycle to support the construction of a commercial-scale facility for the circular polyester startup to scale textile-to-textile recycling for the apparel industry.
The initial investment will support the scale-up of cycora, a recycled polyester made from waste textiles. This is the first step in a broader plan to work together to build a textile-to-textile ecosystem.
“Decarbonized raw materials such as cycora cater to customer needs and are a strong support for sustainable fashion. Textile-to-textile regeneration will be key to the shift towards a fossil-free fashion industry. However, production infrastructure must expand to cater for large-scale fashion the business needs of the brand and its customers. With Ambercycle as a partner, we can make great progress,” Juliana, Managing Director
Pidner Hsu said.
“We have a deep belief in the circularity and commercial viability of cycora for high-quality applications in apparel. To achieve circularity at scale, integrating the entire value chain is critical. Shay, co-founder and CEO of Ambercycle
Sethi said: “We look forward to working with a world-class partner like Far East Group to bring significant product and business expertise to Ambercycle’s cutting-edge manufacturing innovation.”
As one of several strategic initiatives, the partnership will draw on Far East Group’s 70 years of experience in global polyester manufacturing and Ambercycle’s expertise in materials innovation to bring circularity and decarbonization to the apparel industry.
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