Australian-based bio-materials technology Company Nanollose (ASX: NC6) has announced its quarterly results today, as a show of its advancements in the textile industry and its revolutionary development of eco-friendly material.
Nanollose has spent the last few years attempting to penetrate the $500 billion textile industry by developing eco-friendly processes to grow cellulose fibres from waste material rather than plant materials.
Their flagship material, known as ‘Plant-Free’ Cellulose Nullarbor Lyocell Fibre, is said to be more delicate than silk and significantly stronger than generic cotton and polyesters.
This eco-friendly development caught the eye of one of the world’s largest fashion retailers, INDITEX (Industria de Diseño Textil) (OTCPK: IDEXY), who signed a binding memorandum of understanding (MOU) on May 26 2022. The agreement meant that Nanollose would supply the retailer with its plant and tree-free Nullarbor Lyocell Fibre, where the companies have been collaborating to develop prototypes and products to see the commercialisation potential of the material.
This quarter also included several other significant milestones, which saw the Company sign collaboration agreements firstly with INDITEX, but also with Australian fashion designer Lee Matthews.
Lee Matthews and Nanollose worked together to develop the first garment made from Nullarbor™ Tree-Free Lyocell, where they launched the collaboration at the Copenhagen Global Fashion Summit – the foremost international forum for sustainable fashion, which ran during the beginning of June 2022.
“This quarter we have been in negotiations with and finalised collaborative agreements with several leaders in sustainable fashion to test and assess Nullarbor fibres for use in their production processes. These agreements are in line with our segment strategy, which will provide us with additional avenues for growth over the coming months,” said Nanollose Executive Chairman, Dr Wayne Best.
Nanollose is already focusing on its future and is currently in the midst of ongoing discussions with additional potential partners, where they’re working towards developing other types of textiles, including denim, yarns and even vegan leather, using the Company’s Nullarbor Fibre.
The Company has also further refined its existing fabrics to facilitate a potential commercial supply over the next quarter.
Included in the report dated 30 June 2022, the Company highlighted a strong cash balance of $1.59 million, along with $338k spent on company operations, but noting that they received $225k as part of an R&D tax rebate.
Shares in Nanollose were flat at $0.08 at the time of writing.
Trading Desk Assistant at Emerald Financial
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