On September 5, GALY, an American biotechnology company, announced that it had successfully raised $33 million in funding, mainly to advance its flagship product "GALY Cotton".
The round was led by Bill Gates' Breakthrough Energy Ventures, with high-profile fashion groups H&M and Inditex also participating.
GALY Cotton is a cotton grown in a laboratory that reduces water use, footprint and carbon dioxide emissions by 99 percent, 97 percent and 77 percent, respectively, compared to conventional cotton.
Founded in 2019, GALY uses cotton cells to genetically transform them into cotton fibers. In the context of increasingly serious climate problems, this technology has been favored by the capital market.
GALY is also backed by a number of high-profile investors, including Sam Altman, founder of Open AI, and Tony Fadell, father of the iPod.
Currently, GALY has multi-million dollar proof-of-concept agreements with industry leaders and a 10-year, $50 million offtake agreement with Suzuki Group of Japan.
H&M Group and Inditex Group's investment in GALY reflects the two major fashion groups' emphasis on sustainable materials.
H&M, the world's second largest clothing brand, said that by 2030, all of its materials will come from recycled materials or other sustainable sources.
The CEO of Inditex, which owns eight clothing brands including ZARA and PUIand Bear, said it would reduce emissions from its operations and value chain by more than 50 percent by 2030. By then, 100% of the textiles used will be made from materials with a smaller environmental footprint, and the proportion of textile fibers made from new generation materials will reach 25%.
The sustainable development strategy of the clothing giant will undoubtedly have a profound impact on the textile industry, and synthetic biology + textile will usher in new opportunities for development.
Follow us for more info. wedding & event linen suppliers wholesale Readortex, official website and B2B online store