Far Eastern Group and Ambercycle Partner to Decarbonize Fashion

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Nov 02, 2023, 10:00 ET

DRIVE Catalyst, the venture capital arm of the Far Eastern Group, is investing US$5 million in Ambercycle to support the construction of the circular polyester startup's commercial-scale facility to scale up textile-to-textile regeneration in the apparel industry.

LOS ANGELES and TAIPEI, Nov. 2, 2023 /PRNewswire/ -- DRIVE Catalyst, the investment arm of Taiwanese conglomerate Far Eastern Group, one of the world's largest virgin and recycled polyester textile makers, has invested US$5 million in Ambercycle as part of a strategic effort to scale textile-to-textile regeneration in the apparel industry.

The initial investment will support the scale-up of cycora®, the startup's circular polyester made from end-of-life textile waste. It is the first step in a broader plan to jointly collaborate on building the textile-to-textile ecosystem.

Shay Sethi, CEO and Founder of Ambercycle, alongside Juliana Pidner Hsu, Managing Director at DRIVE Catalyst

"Decarbonized raw materials, such as cycora®, appeal to our customers' demand and strong support for sustainable fashion. Textile-to-textile regeneration will be crucial in shifting to a fossil-free fashion industry. However, the production infrastructure must be scaled to fulfill the business requirements of large fashion brands and their customers. With Ambercycle as a partner, we can make significant strides forward," says Juliana Pidner Hsu, Managing Director.

While circular textile solutions are rapidly advancing, wider adoption requires continuous infrastructure development. Global infrastructure to collect and distribute discarded textiles to facilities that can use them as feedstock in the production of regenerated textiles must be scaled. The manufacturing of sustainable textiles must also become more robust, offering brands and designers the diversity of yarns, fabrics, and raw materials currently available from non-recycled, fossil fuel-based sources.

"We have a deep conviction in circularity and the commercial viability of cycora® in the highest quality applications in apparel. For circularity to scale, integration across the entire value chain is essential. We are looking forward to working with world-class partners like Far Eastern Group to bring significant product and business expertise to Ambercycle's cutting-edge manufacturing innovation," says Shay Sethi, Co-Founder and CEO of Ambercycle.

As one of several strategic initiatives, the partnership will draw from Far Eastern Group's 70 years of experience in global polyester manufacturing and Ambercycle's expertise in materials innovation to bring circularity and decarbonization to the apparel industry.

About Ambercycle:
Ambercycle is powering circularity in fashion. Established in 2015, this Los Angeles-based company is revolutionizing the fashion industry with its award-winning molecular regeneration technology. cycora® regenerated polyester is the company's first premium material solution made from end-of-life textiles. Driven by the vision to improve humanity's relationship with materials, Ambercycle is minimizing the impact of raw material extraction on our environment and paving the way to decarbonize fashion.

About Drive Catalyst:
Drive Catalyst is the corporate venture capital arm of the Far Eastern Group (FEG), one of the largest and most diversified conglomerates in Taiwan. Backed by FEG and inspired by the group's many sustainable initiatives and commitments to the circular economy, Drive Catalyst seeks to invest in disruptive technologies in the fields of precision, environment, and efficiency and draw on their network to support innovative founders who can make a difference in the world.

About Far Eastern Group:
Starting from textiles and with more than 70 years of continuous investments and expansions, the Far Eastern Group is one of Taiwan's largest and most diversified conglomerates. It comprises 247 companies spanning over 10 major industries with nine publicly listed companies. The Group has total assets exceeding US$100 billion and annual revenue surpassing US$24 billion.

For press inquiries, please reach out to press@ambercycle.com

SOURCE Ambercycle