Canadian textile manufacturer Bast Fibre Technologies (BFT) says it’s secured “major strategic financing” from clean tech investment company Ahlström Capital.
BFT has not disclosed the sum to which it’s being funded by the Finnish venture capital firm, but it’s indicated that it will help facilitate the expansion of its manufacturing capacity at both its sites in North Carolina and Düsseldorf.
“The market for natural fibres is set for rapid growth, and this highly strategic funding will help BFT to solidify its position and further accelerate its expansion to meet the increasing demand for tree-free, plastic-free fibres,” noted Jim Posa, BFT’s Chief Executive.
With this financial backing, Bast Fibre has said it will produce over 10,000 metric tonnes of its Sero-branded hemp fibre by next year, and hopes to scale this up to more than 50,000 metric tonnes per annum by 2026.
“Nonwoven companies, converters, and leading consumer goods companies are looking for viable natural fibre options to achieve their corporate sustainability initiatives as they move away from synthetics,” Posa added.
