Successful listing of Renewcell
Renewcell, which has developed a chemical process to recycle textiles, was successfully listed on Nasdaq First North in Stockholm on 26 November 2019. Almi Invest has a 3.3 percent stake in the company by having made investments through our Greentech fund in 2019. Towards the end of trading on the day of the listing, our stake was valued at some 110 million kronor (SEK). Other stakeholders include H&M.
Renewcell's process makes it possible to recycle clothes by turning the textile into a material named Circulose, which can then be used again in new garment production. In 2020, Time Magazine included Circulose on its top-100 list of innovations.
- The listing of Renewcell, alongside Galecto, Tobii and MIPS, constitutes our largest IPO to date, said Joachim Karlsson, CEO of Almi Invest. In conjunction with the listing, the company raised 800 million kronor, providing a solid basis for continued development.
The listing will finance the construction of Renewcell's first large-scale factory with an annual capacity of reprocessing 60,000 tonnes of textile waste. The new facility will be located within the Sundsvall Ortvikens Pappersbruk (SCA) paper mill in Ortviken outside the Swedish town of Sundsvall.