In a significant development in the field of sustainability, French startup Fairmat has closed a whopping $35 million (€34 million) Series A funding round. This investment is led by Temasek and CNP (Compagnie Nationale à Portefeuille), with participation from prominent investors like Pictet Group, Singular, the Friedkin Group International, and others.
This significant funding round brings Fairmat’s total raised capital to $45.5 million (€44 million) since its inception. This investment will enable the company to further improve its processing capacity and expand its operations globally.
A Simple yet Revolutionary Idea
Fairmat’s concept is deceptively simple. The startup collects carbon fiber composite waste from industrial projects that have reached their end-of-life status. These materials are then transformed into a new kind of material, dubbed Fairmat Quest, which can be used in various everyday products.
While Fairmat Quest may not possess the same level of sophistication as its parent material, it offers several advantages. It is significantly cheaper, with costs reduced by up to 10 times compared to new composites. Additionally, Fairmat Quest is twice as light as aluminum, making it an attractive option for manufacturers looking to reduce their environmental footprint.
Progress and Partnerships
Since our initial coverage of Fairmat, the company has made significant strides in partnerships and collaborations. Fifteen industrial companies have partnered with Fairmat to collect their carbon fiber waste, including notable names like Hexcel, Tarmac Aerosave, Siemens Gamesa, Dassault Aviation, and MerConcept.
These partnerships represent a substantial chunk of carbon fiber composite waste in Europe, exceeding 35%. This concentration demonstrates the market’s acknowledgment of Fairmat’s innovative approach to sustainability.
Prototype Development and Market Expansion
Several manufacturing companies are already working on prototypes using Fairmat Quest. While the company cannot disclose the names behind its 30 contracts, it is expected that these products will soon be available in various markets.
Fairmat plans to expand its operations to the United States in 2023, marking a significant step towards global dominance. The company currently employs 80 people and aims to triple this number by 2025, with an eventual goal of reaching 400 employees.
The Future of Repurposed Materials
As carbon accounting rules become increasingly stringent, manufacturers will be forced to adopt more sustainable practices. Fairmat Quest offers a viable solution for companies looking to reduce their environmental impact while maintaining product quality.
Repurposed materials like Fairmat Quest have a significantly lower carbon footprint compared to virgin materials. As the demand for eco-friendly products grows, Fairmat is well-positioned to capitalize on this trend and become a leader in the industry.
About Fairmat
Fairmat’s innovative approach to sustainability has garnered significant attention from investors and industry leaders. With its cutting-edge technology and commitment to environmental responsibility, Fairmat is poised to revolutionize the way we view waste management and material production.
The company’s mission is clear: to transform waste into valuable resources that can be used in a variety of applications. By doing so, Fairmat aims to reduce the world’s reliance on virgin materials and promote a more sustainable future for generations to come.
About Romain Dillet
Romain Dillet is a Senior Reporter at TechCrunch, with over 12 years of experience covering the European tech scene. He has written extensively on startups, technology, and innovation, and has established himself as one of the most knowledgeable voices in the industry.
With a deep understanding of the tech behind the tech, Romain brings a unique perspective to his reporting. His work has been widely recognized for its accuracy and insight, making him an invaluable resource for anyone looking to stay ahead of the curve in the world of technology and sustainability.
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