Technip Energies, an engineering and technology company, IBM, a technology corporation, and Under Armour, a sportswear company, formed Reju. Financial terms were not disclosed. “Globally, less than 1% of PET textiles waste is recycled today. This means that most textiles end up as waste in landfills when they could be repeatedly reused in new clothes. What has been holding the world back in textile circularity is not a lack of demand for textile recycling but the lack of a solution that makes recycling of textiles economical on an industrial scale. For the first time in this domain, a unique scalable technology is directly associated with a scalability expert like Technip Energies. Reju will deliver the promise of economical textile recycling, and we are proud to extend our role as an active agent of circularity,” Arnaud Pieton, Technip Energies CEO.