Investor Insight: Morten Schalemose invests in Rewin's venture in Polyester recycling
Rewin stands at the threshold of an extraordinary journey as the company initiates the realization of its groundbreaking polyester recycling technology. In just a year, the inaugural pilot facility is set to be installed in Malmö, followed by an ambitious plan to establish the first of potentially many, large-scale facilities for polyester recycling within three to five years.
Among those who have seized the opportunity to be part of Rewin’s success story is Morten Schalemose - a seasoned investor and board member. With his experience from other successful sustainability enterprises, his particular focus on circularity, and his background as a chemical engineer, Schalemose brings knowledge and know-how to the table for Rewin of which he is also chairman.
- I was intrigued when Niklas Jakobsson and Henrik Wene, both founders of Rewin, reached out to me. They pitched me a solid idea, and I immediately found their idea and technology fascinating. Rewin has the potential to make a real impact in the world.
Addressing Sustainability Challenges in Textile Industry
Schaldemose emphasizes the imperative need for the textile industry to transition towards sustainability. Presently, 60% of all newly produced textiles are polyester – a fossil-based material. The textile industry stands as the fourth-largest source of global emissions, underscoring the considerable work required, providing ample opportunity for those with innovative ideas to contribute and effect genuine change.
- Rewin has that potential. Rewin’s recycled polyester fiber is cost competitive with virgin, fossil-based polyester, and therefore the green transition of the fiber polyester industry does not depend on a high green premium.
Throughout his career, Schaldemose has demonstrated an inclination toward companies with substantial environmental potential, whether through investment or structural development. The motive is clear, market forces and dynamics are the true drivers of change.
- Regulation and governmental support are vital to initiate a green transition, but it is only when it becomes economically viable in the marketplace that a real transition will occur. So, from a sole investor perspective, it can create a solid return supporting the right, commercially viable solutions in the green transition.
A New Era for European Textile Industry
Rewin is reshaping the textile landscape, with one of its primary goals over the next three to five years being the establishment of a large-scale polyester recycling facility. Schaldemose has no doubt that Rewin will succeed, envisioning a future where Rewin adeptly manages all the polyester that cannot be repurposed.
- One of the exciting things about the journey Rewin has embarked on is the construction, or rather the turnaround, of the value chain. All players in the value chain need to work together to find the most optimal solutions for the transition," asserts Schaldemose.
- Just having scaled polyester production in Europe again will be new. The way we combine materials, color our textiles, may have to be revisited to obtain the highest consumer value while minimizing the environmental impact of the industry. If done right, this can be a new era for the textile industry in Europe as a whole and a great opportunity towards a circular transition.