To Recycle Carbon Fibre Composite Into a New Material Fairmat Raises $35 Million, a fundraising round (€34 million) for the French startup Fairmat was completed last month. It aims to create a new material from a carbon fibre composite that is no longer used in new products.
The round is led by Temasek and CNP (Compagnie Nationale à Portefeuille), with Pictet Group, Singular, The Friedkin Group International, and others also participating. Since its founding, the business has amassed a total of $45.5 million (€44 million).
Fairmat’s concept is pretty straightforward. The qualities of some high-tech materials, including carbon fibre composites, are excellent. These materials are resilient, light, and flexible. Because of this, carbon fibre composites are used in wind turbines and aircraft.
Fairmat picks up those components with carbon fibre composites when these industrial undertakings end their useful lives.
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The startup then develops a novel material that, while less sophisticated than carbon fibre composites, has several applications.
Although Fairmat is not used in wind turbines, you can purchase items that you use daily that are constructed of this novel material. This substance, known as Fairmat Quest, mmaybetwice as light as aluminium and ten times less expensive than modern composites.
And since I wrote my initial essay on Fairmat, the company has made some excellent strides. To collect carbon fibre trash, it has agreements in place with 15 industrial firms, including Hexcel, Tarmac Aerosave, Siemens Gamesa, Dassault Aviation, and MerConcept.
Since just 15 companies account for more than 35% of the carbon fibre composite waste in Europe, the market is highly concentrated.
On the other end of the market, a few manufacturing firms are already developing prototypes using the new material from Fairmat.
Although the startup cannot reveal the identities of the 30 contracts, Fairmat Quest is short to manufacture furniture, athletic goods, and audio equipment.
The company intends to gradually increase the processing capacity of its automated sorting equipment with the money raised in today’s investment round. One hundred robots will eventually manage 3,500 metric tonnes of scrap annually.
Fairmat also intends to grow in the United States in 2023. At the moment, the company employs 80 workers. Fairmat anticipates hiring 400 workers by 2025.
The fundamental reason why Fairmat will have no trouble finding consumers in the upcoming years is that recycled materials have a far lower carbon footprint than virgin materials.
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Manufacturers will start looking at novel materials like Fairmat Quest as soon as carbon accounting regulations expand to reduce the total impact of their production.
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