- Nanollose (NC6) is collaborating with material innovation company, von Holzhausen, to create vegan leather from plants and other recycled content
- As part of the one-year deal, Nanollose will provide samples of treated and processed microbial cellulose for testing as potential leather alternatives
- The vegan leather market presents a significant opportunity as the market is expected to be valued at US$89.6 billion (A$123.6 billion) by 2025
- Depending on the sampling stage, the companies may agree on a supply agreement or other relevant deal to jointly commercialise the project materials
- NC6 shares are up 4.26 per cent, trading at 9.8 cents
Nanollose (NC6) has signed a collaboration agreement with von Holzhausen to create the next-generation of vegan leather from plants and other recycled content.
As part of the agreement, Nanollose will provide von Holzhausen, a materials innovation company, with samples of treated and processed microbial cellulose for testing as potential alternatives to leather or other materials either in their initial state or after further processing by von Holzhausen.
The deal present a potentially significant market opportunity as the vegan leather market has seen ‘exponential’ growth in the last few years. The vegan leather market is expected to continue growing and be valued at US$89.6 billion (A$123.6 billion) by 2025, according to Research and Markets.
The term of the agreement is initially for a year with an option to extend by either party in writing. Either company may terminate the agreement by providing no less than three months prior written notice.
If the collaboration is successful in developing commercially viable project materials, the companies will work together to agree on a supply agreement or another relevant commercial agreement to jointly commercialise the project materials.
Nanollose Executive Chairman Dr Wayne Best called the collaboration an “exciting opportunity”.
von Holzhausen CEO Vicki von Holzhausen shared the same sentiment as Dr Best and said the collaboration is helping the company’s mission on eradicating real leather.
“Our exciting partnership with Nanollose furthers our commitment to solving the urgent issue of climate change by transforming waste materials into premium ones that can be used across multiple industries.”
The agreement adds to Nanollose’s strong network of collaborators, which has rapidly advanced following the completion of its first pilot spin of the company’s Nullarbor-20 forest-friendly lyocell fibre with Birla Cellulose.
The company alongside fashion consultant, Carla Woidt, is progressing through a large number of inbound enquiries and is advancing discussions with additional potential partners including several leading global fashion and textile brands.
NC6 shares were up 4.26 per cent, trading at 9.8 cents as of 12:03 pm AEST.