KUALA LUMPUR, June 10 (Bernama) -- Recover™, a leading materials science company and producer of sustainable, premium recycled cotton fibre and cotton fibre blends, announced it has closed a new US$100 million minority equity capital investment led by the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs). (US$1 = RM4.397)
According to a statement, Goldman Sachs is investing alongside majority shareholder STORY3 Capital Partners.
“Recover is helping create a sustainable future by solving a colossal environmental issue and we are overjoyed to partner with Goldman Sachs to accelerate our growth,” said Alfredo Ferre, fourth-generation family steward and CEO of Recover.
Meanwhile, Letitia Webster, Managing Director and Chief Sustainability Officer of Goldman Sachs Asset Management Division said: “We’re excited to invest in Recover’s growth to accelerate scaled production and the continued development of its technologies.”
As part of the transaction, Webster will join the Board of Directors of Recover.
Recover will use the investment to accelerate its global expansion and production capacity, allowing more rapid adoption of sustainability initiatives by leading brands and retailers.
Recover’s proprietary recycled cotton fibre reduces the carbon and water intensity of the apparel supply chain, addressing the apparel sector’s contribution to one of the world’s largest sources of environmental degradation.
Recover estimates that the new investment places Recover on a path to increase its production to over 350,000 metric tonnes of recycled cotton fibre per year by 2026, saving up to five trillion litres of water annually—equivalent to the drinking water consumed by over 4.5 billion people each year—and allowing for significant reductions of carbon emissions, energy and land use relative to conventional cotton fibre, based on industry research.
The Recover brand is an important part of leading retailers’ and brands’ sustainability commitments and credentials, and a growing number of Recover’s customers are co-branding products with Recover to showcase that they have been produced with the company’s recycled cotton fibre.
The company has opened new manufacturing hubs in Pakistan and Bangladesh, with additional hubs in Bangladesh and Vietnam due to open in the near term.
More details at www.recoverfiber.com.
-- BERNAMA
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