Kelp-based yarn nets nearly $18 million in investments for US company

Also making fibers for fashion, furnishings, cars and more

AlgiKnit, a North Carolina-based company, is creating design and manufacturing materials from kelp and investors are jumping aboard.

SeafoodSource News reports the company will use the funding to expedite the scaling of its production, which the company said has the ability to lower the textile industry’s environmental impact.

“With the opening of our new facility in the Research Triangle area of North Carolina, we are focused on expanding our production capabilities, partnerships, and team to address global demand more quickly,” AlgiKnit Co-Founder and CEO Tessa Callaghan said in a press release. “This is a huge next step in bringing this technology to scale, and creating positive, tangible change for the planet. We are so excited to partner with new and existing investors who share our vision for transforming the fashion ecosystem.”

The textile industry is responsible for as much as 8 percent of the world’s CO2 emissions – in addition to being massively polluting and water-intensive, according to an investment spokesperson.