Recover, a developer in recycled cotton fibre, has announced that it has closed a new 100 million dollar minority equity capital investment led by Goldman Sachs Asset Management.
In a release, the company, which already works with the likes of Primark, Inditex and C&A, said it will be using the investment to accelerate its global expansion and production capacity, allowing for it to be more rapidly adopted by brands and retailers.
According to Recover, the funding could put it well on its way to producing over 350,000 metric tons of recycled cotton fibre per year by 2026, ultimately saving up to five trillion litres of water annually.
“Goldman Sachs is committed to partnering with innovative businesses that help drive sustainability,” said Letitia Webster, managing director and chief sustainability officer of Goldman Sachs Asset Management Division.
Webster, who will also be joining Recover’s board of directors, continued: “Recover is a leading disruptor in the apparel and textiles space with much-needed sustainable solutions grounded in materials science. We’re excited to invest in Recover’s growth to accelerate scaled production and the continued development of its technologies.”