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Nanollose Limited (NC6.AX) Collaboration Agreement with Leading Denim Manufacturer
Perth, Australia, April 19, 2022 - (ABN Newswire) - Nanollose Limited (ASX:NC6) (HAM:N0L) a leading bio-materials company, focused on commercialising scalable technology to create fibres and fabrics with minimal environmental impact, is pleased to advise that it has entered into a collaboration agreement with Orta Anadolu Ticaret Ve Sanayi Isletmesi T.A.S ("Orta"), a global leader in the development, manufacture and supply of sustainable denim.
- Orta is a global leader in the development, manufacture and supply of sustainable denim with production capacity of 40 million metres of denim per year
- The Collaboration Agreement aims to develop denim materials incorporating Nanollose's Tree-Free and Forest-Friendly Nullarbor(TM) fibres
- Nanollose to provide an initial 50kg sample of Nullabor-20(TM) fibre to Orta and receive preliminary technical and marketing feedback ahead of potential sample product run
- The Agreement follows the first successful pilot spin of the Company's Nullarbor-20(TM) eco-friendly lyocell fibre with Birla Cellulose
Under the agreement, Nanollose and Orta will develop denim materials incorporating Nanollose's Tree-Free and Forest-Friendly Nullarbor fibres consisting in whole or in part of microbial cellulose.
Nanollose will provide an initial 50kg of Nullabor-20 from the first pilot spin to Orta to commence the project, followed by additional samples of Nullarbor fibres from subsequent pilot spins as required. The Company is currently finalising arrangements for shipping this initial fibre sample to Orta.
The term of the agreement is from execution until the earliest to occur of one year, and completion of the development period. Either party may terminate the agreement by providing six weeks prior written notice. During the term of the agreement, each party has agreed to work exclusively with the other in the development of denim fabrics from fibres incorporating microbial cellulose.
Following a successful project, both parties will work together in good faith to agree on fair terms and conditions for an ongoing commercial agreement for the supply of Nullarbor fibres to Orta for the manufacture of denim fabrics.
Orta (www.ortaanadolu.com) is based in Turkey and was established in 1953 as a specialist spinning and weaving company. Since 1985, the group has operated as a sustainable denim manufacturer and boasts a total production capacity of 40 million metres of denim per year. Orta supplies denim to luxury brands including Armani, Alexander McQueen, Stella McCartney and Isabel Marant, leading denim brands including Levi's, Lee, Wrangler, Tommy Hilfiger, and Calvin Klein, and retail brands such as GAP, Banana Republic and Madewell. Orta has over 1,500 employees and is a leader in the field of sustainability with the aim of creating a more robust denim ecosystem where design meets technology and ethics.
The collaboration agreement with Orta is a major milestone for the company, marking its first collaboration following the successful pilot spin of the Company's Nullarbor-20(TM) Forest-Friendly lyocell fibre (refer ASX announcement: 28 February 2022). The lyocell fibre market is a large market opportunity expected to be valued at US$1.71 billion by 2027, with the agreement acting as a valuable reference point to initiate further discussions and achieve uptake from prospective partners.
Executive Chairman, Dr Wayne Best, said: "We're delighted to be working with Orta to develop denim fabrics incorporating Nanollose's Forest-Friendly Nullarbor fibres. Orta's commitment to sustainability through innovation aligns very well with our own. The agreement also marks a very exciting milestone for Nanollose, being the first shipment of fibre from our recent pilot spin with Birla Cellulose. Much of the remaining fibre will be converted to yarn and fabric to meet the specific requirements of other interested parties. The Board and management look forward to updating shareholders on these other opportunities as they begin to materialise."
About Nanollose Limited:
Nanollose Limited (ASX:NC6) is an innovative Australian company that uses a low cost and eco-friendly fermentation process to grow fibres that could become a sustainable alternative to conventional plant-derived cellulose fibres. The Company's process, which uses streams from various large-scale industries like sugar, wine and food, has the ability to produce 'Plant-Free' Cellulose. Cellulose is the hidden building block polymer most consumers know nothing about, but forms a huge part of items used in their everyday life such as clothing, paper and hygiene products.
Dr Wayne Best
Phone: +61 421 545 820
Six Degrees Investor Relations
Phone: +61 431 271 538
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