ZÜRICH, July 6, 2023 /PRNewswire/
-- MAS Holdings, a global apparel & textile
manufacturing and tech conglomerate,
headquartered in Sri Lanka with
a global footprint across 16 countries, secures a stake in HeiQ
AeoniQ™ as part of its Plan for Change initiative to support the
development of next-generation cellulosic filament fibers to
replace polyester and nylon.
HeiQ from Switzerland, leader in materials innovation,
and MAS Holdings, a global apparel & textile
manufacturing and tech conglomerate headquartered in Sri Lanka, and the largest
apparel and textile manufacturer in South
Asia with approximately USD2
billion in turnover, entered a partnership for
MAS to secure a stake in HeiQ AeoniQ GmbH, a subsidiary of
HeiQ Group that will produce HeiQ AeoniQ™, a
climate-positive cellulosic yarn.
With this investment, MAS Holdings becomes the first
manufacturer to partner with HeiQ AeoniQ™ in their efforts to
provide a sustainable alternative to polyester and nylon. The
investment to be made by MAS Holdings is part of the group's
strategy to drive a positive environmental impact. The MAS Plan for
Change aims to generate 50% of the company's revenue through
sustainable products by 2025, revolutionizing the textile industry
with a focus on innovation, sustainable sourcing, and pioneering
circularity at scale.
With the closing of this deal, HeiQ and MAS agreed to a 5-year
Offtake Agreement for 3,000 tons of HeiQ AeoniQ™ yarn in 2025 and
5,000 tons per year from 2026 to 2029, valued by HeiQ in the
aggregate to US$ 100 million. MAS
will finalize this commitment within a stipulated time period after
achieving milestone 1, and a mutual plan for commercialization.
HeiQ and MAS firmly believe that rapid scaling is key to
facilitating the fast adoption of sustainable, circular
technologies such as HeiQ AeoniQ™.
HeiQ AeoniQ™: a game-changer for the textile industry
Since Q4 2021, HeiQ's launch of the HeiQ AeoniQ™ technology has
been attracting the attention of major global players in the
textile and clothing industries.
With the proprietary manufacturing method, for the first time in
history, a cellulosic filament yarn can be made from a wide range
of non-valorized feedstock and is able to reproduce comparable
performance features of polyester or nylon, while being sustainable
and endlessly circular.
The HeiQ AeoniQ™ pilot plant in Austria is manufacturing this revolutionary
continuous cellulosic filament yarn since Q3 2022, with up to a 100
tons capacity to be upscaled up to 300 tons by the end of 2023.
The HeiQ AeoniQ™ production scale-up is planned to have its
definitive boost by early 2026 with the construction of an entirely
new gigafactory capable of a 30,000-ton output per year, in a
250M USD estimated investment.
Carlo Centonze, CEO of
HeiQ Group, said, "Since the beginning, HeiQ has
pioneered textile innovation, revolutionizing sustainable
functionality and enhancing the lives of billions. Now, with the
introduction of HeiQ AeoniQ™, we solidify our unwavering commitment
to disrupting the textile industry—a sector that has long held the
dubious distinction of being the world's second-largest polluter.
MAS' investment and offtake agreement serves as resounding proof
that leading textiles value chain players recognize HeiQ AeoniQ™ as
the ultimate game-changer, placing their trust in its
transformative power, and is a natural result of the confidence
built over a decade that HeiQ and MAS have been doing business
together"
Group Chief Executive Officer of MAS Holdings, Suren Fernando adds, "MAS was built
on the foundational belief of doing the right thing. As a global
organization nurturing over 100,000 individuals, we are convinced
of our responsibility to drive positive change within the apparel
industry through sustainable product solutions. We believe that
this investment is an important step in our efforts to reshape our
industry by driving innovation, collaboration, and scale. With HeiQ
AeoniQ™ as a key catalyst, we are poised to pave the way for a more
sustainable future."
Polyester and nylon, two oil-based fibers, virtually
non-recyclable, account for about 70% of all the global textile
production, they take between 350 to 1000 years to degrade in
nature, are currently close loop recycled at less than 1%, and are
at the origin of 35% of the microplastics that can be found in
today's oceans. HeiQ AeoniQ™ was innovated and is being
hyper-scaled up to change this course of action.
About HeiQ
Founded in 2005 as a spin-off from the Swiss Federal Institute of Technology Zurich (ETH)
and listed on the London Stock Exchange Main Market (XLON:HEIQ),
HeiQ is a leader in textile and materials innovation creating some
of the most effective, durable and high-performance technologies on
the market today. HeiQ strives to improve the lives of billions of
people through pioneering textiles and materials innovation.
Combining three areas of expertise – scientific research, specialty
materials manufacturing, and consumer ingredient branding – HeiQ is
the ideal innovation partner to create differentiating and
sustainable products and capture the added value at the point of
sale. With its 14 offices, 7 manufacturing sites, and 7 R&D
hubs, HeiQ today employs 200+ professionals. It has a total
capacity of 45'000 tons of specialty chemicals per year and serves
over 1'000 industrial customers in over 60 countries. Today, HeiQ's
technologies can be found in 60+ countries. For more information,
visit www.heiq.com
About MAS Holdings
MAS Holdings, the largest apparel tech company in South Asia, is among the most recognized
design-to-delivery solution providers in apparel and textile
manufacturing. Home to a community of over 110,000 people, today,
MAS spans across manufacturing plants in 16 countries, with
established design locations placed in key style centers across the
world. Catering to the demands of a dynamic and ever-changing
industry, the MAS portfolio has expanded exponentially; into
brands, wearable technology, FemTech, start-ups and fabric parks
worldwide.
Over 35 years of operations, MAS has gained global recognition
for its ethical and sustainable working environment and for the
organization's tireless efforts in social development and women's
empowerment. Today, the company's efforts to drive positive impact
are outlined in the MAS Plan for Change, a commitment to create
sustainable change under three areas of focus: products, lives, and
planet. Through these initiatives, MAS aims to inspire all
employees to be changemakers, enabling dreams and enriching the
fabric of life on our planet.
Visit www.masholdings.com for more details.
About HeiQ AeoniQ™
HeiQ AeoniQ™ is HeiQ's key initiative to disrupt the
textile industry. As the global leader in textile innovations, HeiQ
aims to create the world's first climate-positive continuous
cellulosic filament yarn through a proprietary manufacturing
process, reproducing the properties of polyester and nylon yarns
for the first time in a cellulosic, durable, biodegradable, and
endlessly recyclable fiber. HeiQ has established HeiQ AeoniQ™ as a
stand-alone company, allowing its business partners to participate
from the development stage and be part of the team pioneering this
initiative to reverse the carbon footprint in the textile industry.
To make HeiQ AeoniQ™ possible, HeiQ entered a first mover brand
partnership with HUGO BOSS, and
together they turned HeiQ AeoniQ™ into a piece of garment. The
LYCRA Company is involved in this initiative as the global
distributor. MAS Holdings became the newest partner of the
project.
For more information, visit
https://www.heiq-aeoniq.com/
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