- Biotech company Nanollose (NC6) has entered a trading halt ahead of a capital raise and complementary investment
- Nanollose creates eco-friendly processes to grow fibres, hoping this will become the alternative to conventional plant-derived cellulose fibres
- Millions of trees are chopped down annually to make cellulose-based fibres, which are key in making everyday items such as clothing, paper and hygiene products
- Nanollose is collaborating with global industrial partners to develop and commercialise its Tree-Free fibres
- Over the next six months, Nanollose hopes to secure supply agreements with global clothing brands and begin designing a process plant
- Company shares last traded for 6.8 cents on Thursday, September 24
Australia-based biotech company Nanollose (NC6) has entered a trading halt ahead of a capital raise and complementary investment.
The company will remain in a trading halt until Thursday, October 1.
Nanollose uses an eco-friendly fermentation process to grow fibres that could become a sustainable alternative to conventional plant-derived cellulose fibres. According to the Nanollose, 150 million trees are chopped down annually to make cellulose-based fibres — and this figure is expected to double in the next decade.
Cellulose is a hidden polymer building block that makes up a big part of items used in everyday life such as clothing, paper and hygiene products.
The ASX-lister has developed Tree-Free nullarbor fibre for clothing and textiles and nufolium for non-woven fibre applications such as personal wipes.
Nanollose is collaborating with leading international industrial partners, to
accelerate the development and commercialisation of its Tree-Free fibres.
As part of this goal, the company partnered with Grasim Industries earlier this year. Grasim is considered a world-leading producer of rayon, which is a regenerated cellulose fiber.
As leading brands such as Nike, Zara, Prada and H&M shift towards sustainability and reducing their environmental footprint, this creates a significant opportunity for Nanollose.
In its investor presentation, Nanollose detailed the ins and outs of its commercialisation strategy. It is currently focused on producing and shipping one tonne of microbial cellulose to Grasim Industries’ research and development facility ahead of commencing product trials.
Over the next six months, Nanollose hopes to secure supply agreements with between two and four global clothing brands and begin designing a process plant.
Company shares last traded for 6.8 cents on Thursday, September 24.