Renewcell sells Kristinehamm plant to Biosorbe

As part of its ongoing bankruptcy proceedings, Renewcell has now announced the sale of its Kristinehamm plant to biomaterial company, Biosorbe.

The news follows reports from earlier this year that bankrupt Renewcell had multiple bids for its assets, yet the who and what of these bids remained unclear at the time.

It now appears, however, that at least one Renewcell plant has been sold, with the future of the remaining assets not yet clear. With the sale of the Kristinehamm site, Renewcell retains another production site in Sundsvall.

The Kristinehamm plant has a production facility, but also has space for stock storage and meeting rooms. While Biosorbe may be a different kind of company, it does make materials that absorb oil, with the firm noting that Renewcell’s plant was still suitable for what it has in mind. Biosorbe said it expects to start production at the plant in May 2024.

Textile innovator Renewcell filed for bankruptcy at the end of February. The company’s management had failed to secure sufficient funding to positively complete the company’s strategic review. The bankruptcy sent shock waves through the fashion industry.

Renewcell is responsible for developing the material Circulose. To produce this material, the company uses textile waste to make new fibres.

This article originally appeared on FashionUnited.NL. Translation and edit by: Rachel Douglass.