Smarttia / Private Equity / Insights

Smarttia joins the first textile fiber bioplant project in Spain

November 8th, 2022 / Private Equity

  • · Smarttia has reached a partnership agreement to join Greenfiber (the company that will execute the project) with Altri, the project promoter

The company Smarttia has signed an agreement with Altri, promoter of the Textile Fibers Bio-Plant in the Galician town of Palas de Rei (Lugo), to enter Greenfiber, the company that will be responsible for developing this pioneering project in Spain.

After a series of contacts, the company Smarttia will participate in this company that will be responsible for promoting the start-up of this Bio-Plant that will manufacture 100% natural vegetable fiber in a 100% sustainable project.

Therefore, as explained by Smarttia’s CEO, Manuel García, “for us it is a pride to actively participate in one of the most transformative projects for the Spanish Economy, with clear international projection. We are sure that this initiative will be a world reference in innovation and sustainability, with a clear vision for the circular economy whose first steps begin with forestry management optimization. We will bring our experience in the forestry and renewable energy sectors in which we are one of the national leaders. The supply of certified raw materials and energy, at competitive prices, are key to the success of this project.”

The Bio-Plant of sustainable textile fibers from certified wood and textile waste, whose entry into operation is expected for 2025, will contribute to a better forest use with a clear positive impact on the protection of the environment and to a greater sustainability of the textile industry, since it will generate new fibers also taking textile waste as raw material.

The project will require over 800 M€ investment for a state-of-the-art Bio-Plant to ensure the highest sustainability standards, digitalization and efficiency.The Bio-Plant is initially expected to produce over 200,000 textile fibers tons each year, the equivalent to 3% of global demand, demonstrating the strategic nature of the project.

This investment fits perfectly with the standards defined by Smarttia in its Strategic Plan in which investments are defined in sectors with high growth potential that coexist or support the global energy transition process.