Renewcell declared bankruptcy on 25 February 2024, saying it had not “been able to secure sufficient financing” to complete its strategic review with a “satisfactory result”. It did manage to raise US$10m in short-term funding from investors and lenders in December but efforts to secure further investment were unsuccessful.

Under new ownership, Circulose hopes to continue to thrive on a global scale and reopened its operations on 19 June 2024. In a LinkedIn post the Stockholm, Sweden-based firm said in this new phase with Altor, it will focus on finding agreements, partners and talent needed to build the company and its capacity to shift the textile and fashion industry towards circularity.

Circulose® is a material that has been produced at scale from 100% textile waste, based on a patented closed-loop, chemical recycling process.

Today, the material is produced in a factory in Ortviken, Sweden. The pulp is used to spin fibres, which are turned into fabrics and used for textile products. Altor, at the time of acquisition, said it