Fairbrics Receives €22 Million Investment!

A project led by French textile innovator Fairbrics has received an investment of €22 million (US$23.8) from the EU's Horizon 2020 Research and Innovation program. Founded in 2019 by Benoit Illy and Tawfiq Nasr Allah, Fairbrics offers a technology that converts CO2 emissions into high-value polyester through a circular manufacturing approach. The fashion industry is responsible for 10% of the world's gas emissions. In terms of carbon footprint, the textile industry emits more carbon emissions than all international ship and air travel in the world. In the next 30 years, the world population is projected to increase by 2 billion.

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Fairbrics Develops the First Synthetic Fiber

The fashion industry produced almost 5% of human CO2 emissions in 2015, more than aviation and shipping combined, the company explains. Synthetic fiber production accounts for around 40% of total fashion industry emissions. Fairbrics is developing the first synthetic fiber that has a net positive impact on climate change and can meet market demand. Many of the materials currently used in the fashion industry are in a worrying situation as they are associated with environmental pollution, depletion of natural resources and lack of recyclability. Existing sustainable solutions cannot meet the demand of a rapidly growing market.

Paris-based Fairbrics announced that it has secured €22 million in financing. According to Fairbrics, 60 percent of all textiles produced worldwide and a third of greenhouse gas emissions from the fashion sector come from polyester. The Paris-based company aims to make a difference. The €22 million investment was raised as €17 million from the Horizon 2020 Research and Innovation Program and €5 million from Partners for the Technology Upgrade Project. The consortium is testing the commercial feasibility of Fairbrics technology, which can reportedly provide components for polyester production from waste carbon emissions.

Co-founder and CEO Benoît Illy said;