Renewcell 1 Reaches “Commercial Operations Date” Under Loan Agreements

STOCKHOLM, SE / ACCESSWIRE / October 31, 2022 / Re:NewCell AB (publ) (FRA:6QP) (STO:RENEW) The company was advised today that the lenders technical advisor has certified that Renewcell 1 has reached the date of commercial exploitation (COD). The COD is a date defined in the loan agreements that represents the day the production line reaches functionality for commercial production.

As a result, the company now has access to a recently signed revolving credit facility for working capital financing of up to SEK 150 million. In addition, the Company will request the release of certain funds from blocked cash reserves.

This is an important operational milestone, and the Company is now close to commercial production and sales at Renewcell 1. Commercial production and sales are dependent on meeting certain additional product quality parameters, which is expected in a close future.

About Renewcell

Founded by innovators at Stockholm’s KTH Royal Institute of Technology in 2012, Re:NewCell AB (publ) (“Renewcell”) is a Swedish-based multi-award winning sustainable technology company. The company’s vision is to make fashion circular.

Thanks to its patented process, Renewcell is able to recycle cellulosic textile waste, such as cotton clothing, by transforming it into a new virgin material called Circulose®. Drapers Magazine recognized Circulose® at its 2022 Sustainable Fashion Awards. Fast Company named Renewcell one of the World’s Most Innovative Companies of 2021. Circulose® was also on TIME magazine’s 2020 Top 100 Inventions list.

Renewcell is a publicly traded company whose shares trade on the Nasdaq First North Premier Growth Market under the ticker symbol RENEW and ISIN code SE0014960431. FNCA Sweden AB is Certified Adviser, +46(0)8-528 00 399, [email protected]

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Renewcell 1 Reaches “Commercial Operations Date” Under Loan Agreements

THE SOURCE: Re:NewCell AB (published)

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