Company says funding will expand research, propel technology, production development.
Hybridworks, a textile recycling technology company based here, reports a $3.2 million seed-series equity investment from a private Midwest-based investor.
The new investment marks a significant milestone in Hybridworks’ mission to revolutionize the textile industry with the most scalable and energy-efficient renewable textile technology in the industry, according to the company.
“This investment marks a pivotal moment for Hybridworks,” says Bob Fesmire Sr., the company’s CEO. “It not only validates the breakthrough status of our technology but also strengthens our resolve to drive positive change in the textile industry.”
Hybridworks says it has developed an innovative two-phase patent-pending process and custom machinery to recycle blended textile fabrics designated as end-of-life.
The company provides an eco-friendly alternative to discarding textiles in landfills where they take more than 100 years to decompose or incinerating textiles where they pollute the air.
The Hybridworks systems separate the cotton, as a fiber, from the polyester. The resulting high-quality, high-integrity cotton can be re-spun into new fiber.
The company says its cotton product represents a significant advancement in sustainable textiles because historically cotton is destroyed or turned into cellulose.
Further, the recovered polyester is separated into terephthalic acid and ethylene glycol, the two primary chemicals needed to make polyester and most other plastics.
These two recovered products can be spun into new fiber or mixed with virgin fiber to produce fiber with recycled content.
Hybridworks says its process offers additional environmental benefits as its design saves labor, lowers energy costs, and conserves water.
The company is currently developing a pilot plant and signing partnerships with fiber companies, fabric manufacturers, waste management companies, industrial laundries and fashion houses that are all in dire need of textile recycling solutions.
Bud Honshell, Hybridworks’ founder and COO, explains, “Textile recycling solutions have never been more in demand than at this very moment. Hybridworks is well-positioned to establish our next-level technologies as a cornerstone of textile sustainability efforts worldwide.”
Honshell and Fesmire are textile industry veterans whose business relationship traces back over 30 years.
In addition to serving as the CEO of Hybridworks, Fesmire is chairman of Ellis Corp. and Ludell Water Systems, now operating under fourth-generation leadership with Bob Fesmire Jr. at the helm of both legacy companies.
Fesmire took over Ellis in 1970 and added Ludell Water Systems to become the first industrial laundry manufacturer to venture into water waste management services. This year, the Fesmire family celebrates 125 years in business.
Honshell founded Hybridworks having seen the need for textile recycling solutions across a prolific 50-year career in the textile industry, including marketing and business development roles at VanDyne Crotty Inc., Mechanics Laundry, Signet Expressions/Wildman Business group, VF Imagewear and Millers Textile Services. Most recently he served as a consultant to the industrial laundry industry.
The new investment in Hybridworks comes on the heels of $300,000 pre-seed angel and founder team funding raised last year. The new equity investment empowers Hybridworks to expand research and development capabilities and production infrastructure.
Hybridworks is actively engaging more partners across industries including textiles, uniforms, fashion, plastics, waste management and recycling to increase the adoption of sustainable textile recycling practices.
Source: https://americanlaundrynews.com/