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Nanollose Limited (NC6.AX) Collaboration Secured to Develop Nullarbor Yarns & Textiles
Perth, Australia, May 17, 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 Paradise Textiles Limited ("Paradise"), a technology first, material science and innovation business, working to reinvent the fabric of fashion.
Paradise brings to market consciously crafted fabrics, and is the innovation hub of award-winning, apparel manufacturing group - Alpine Group. The Alpine Group was founded in 1981 in Taiwan and over the past 40 years, has established operations across the globe including in the US, Singapore, Egypt, Jordan, Dubai, Taiwan and China.
To achieve its purpose of making fashion fit for the future, Alpine Group will be the first apparel manufacturing group to take on the Future Fit Benchmark (a science-based strategic management tool that aligns with the UN Sustainable Development Goals) and is a trusted partner to some of the biggest brand names in apparel, including: The North Face, Sweaty Betty, American Eagle Outfitters, Under Armour and Abercrombie and Fitch.
Under the Collaboration Agreement, Nanollose and Paradise will work closely together to develop and manufacture yarns and textiles incorporating Nanollose's Tree-Free and Forest-Friendly Nullarbor fibres. Nanollose will provide an initial 135kg of Nullabor-20TM to Paradise, and Paradise will convert this fibre into a variety of yarns and textiles for provision to selected apparel makers and fashion brands with whom Nanollose is currently finalising agreements.
If the collaboration is successful, the parties will work together in good faith to agree on fair terms and conditions for the ongoing supply of Nullarbor fibres to Paradise for their use in commercial manufacture of yarns and/or textiles by Paradise. 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 no less than three months prior written notice.
The Collaboration Agreement follows the first collaboration agreement secured by the Company with Orta Anadolu Ticaret Ve Sanayi Isletmesi T.A.S, a global leader in the development, manufacture and supply of sustainable denim (refer ASX announcement: 19 April 2022), each of which demonstrate the significance of the demand being received by Nanollose for its sustainable and forest friendly fibres.
Executive Chairman, Dr Wayne Best, said: "I'm delighted that Nanollose will be working with Paradise Textiles to develop a range of yarns and fabrics from our Nullarbor fibres. The collaboration lets us partner again with an organisation that shares our vision for creating a more sustainable fashion industry. Paradise's innovation capabilities and expertise will enable us to generate innovative, sustainable, and high-quality materials in keeping with the fibre itself. The collaboration will also generate the quantity and variety of samples required by brand partners. I look forward to updating shareholders on our progress as we continue to progress discussions with additional collaborators."
"We are delighted to be partnering with Nanollose," comments Ashok Mahtani, Co-Founder and Chairman of Paradise Textiles and the Alpine Group. "For the past 40 years, sustainability has been a core value of the Group's. As we work to realise our vision of making fashion fit for the future, collaborations like our latest partnership with Nanollose are important in helping us collectively change fashion's broken business model. Sustainable material innovation and reducing the impact of the industry on the environment is vital to the future of our planet and we look forward to bringing the results of our partnership to fruition."
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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