HeiQ AeoniQ "game-changing" decarbonizing yarn endorsed by HUGO BOSS and The LYCRA Company
PR94513
ZURICH, Feb. 14, 2022 /PRNewswire=KYODO JBN/--
HUGO BOSS became a front-runner in the race to adopt HeiQ AeoniQ yarns by
putting a US$5M equity investment in HeiQ AeoniQ LLC and additional contingent
US$4M based on performance milestone arrangements. The LYCRA Company has also
become the exclusive distributor for HeiQ AeoniQ yarn by making a significant,
undisclosed investment and by committing to develop the technology for broad
application in textiles.
As part of its 'CLAIM 5' growth strategy, HUGO BOSS (MDAX: BOSS) – one of the
leading companies in the global premium apparel market – executed its first
sustainability-linked investment for a US$5M shareholding in HeiQ AeoniQ LLC, a
fully owned subsidiary of London listed HeiQ Plc (LSE: HEIQ). HUGO BOSS is the
first company that has joined the race to adopt HeiQ AeoniQ and to have secured
its stake in HeiQ AeoniQ equity. The investment is supplemented by an
additional US$4M arrangement, which is subject to the achievement of agreed
goals. The strategic partnership will help HUGO BOSS meet its ambitious
sustainability targets which include the aim for climate neutrality within its
own area of responsibility by 2030, and throughout the entire value chain by
2045. In addition, the company puts particular emphasis on establishing an
end-to-end circular business model. The investment therefore perfectly fits in
with HUGO BOSS' goal to strongly increase the proportion of more sustainable
materials over the coming years. Over the mid to long term, HUGO BOSS is
focused on the potential to materially complement and substitute the currently
used polyester and nylon fibers with the cellulosic HeiQ AeoniQ fibers.
"Our exciting partnership with HeiQ on HeiQ AeoniQ represents yet another
important milestone on our journey towards becoming the leading premium
tech-driven fashion platform worldwide. Consistent with our bold mission
statement 'We Love Fashion, We Change Fashion', this game-changing
collaboration with HeiQ enables us to further push innovation and
sustainability across our brands' offerings, thereby driving measurable impact
for environment and society alike," says Daniel Grieder, CEO of HUGO BOSS.
Prior to HUGO BOSS' equity investment, The LYCRA Company agreed to be the
exclusive distributor for HeiQ AeoniQ yarn through payment of a
milestone-driven technology fee and a commitment to leverage its deep textiles
knowledge and market channel access to prepare this new technology for broad
use in apparel applications.
"Sustainability continues to be a core tenet of The LYCRA Company's strategy as
we are focused on providing value-added technologies to help our customers
create and develop exceptional fabric and garment offerings while reducing the
environmental footprint, without sacrificing comfort or performance," said
Julien Born, CEO at The LYCRA Company. "Through our close collaboration with
HeiQ, we are working together to fast-track the commercialization of HeiQ's
AeoniQ yarn and are excited by the impact this ground-breaking innovation will
have on the apparel industry."
"The financial commitments by such prestigious companies as HUGO BOSS and The
LYCRA Company are strong endorsements of HeiQ AeoniQ's game-changing potential.
This also demonstrates our ability to commercialize our HeiQ AeoniQ IP, now
valued at US$200M. HeiQ AeoniQ yarn is a versatile alternative to polyester and
nylon and its climate positive qualities create a very exciting market
opportunity for HeiQ, as fashion brands and retailers come under increasing
pressure to do their part in decarbonizing their products and reduce their
environmental footprints," says Carlo Centonze, co-founder & Group CEO of HeiQ.
The primary use of the raised proceeds would be to scale up and commercialize
this disruptive technology. In this context, HeiQ AeoniQ LLC will build its
first commercial giga factory in Central Europe by end of 2024, and is
currently scaling-up its pilot commercialization plant for fiber production,
scheduled for Q2 2022.
HeiQ AeoniQ cellulosic yarn made of climate positive raw materials
HeiQ AeoniQ (Aeon: striving for eternal circularity) – a continuous cellulosic
filament yarn with the potential to compete with polyester and nylon fibers –
constitutes a revolutionary, first-to-market and scalable proprietary apparel
technology, which will allow the manufacturing of a sustainable, cellulosic
yarn designed for circularity and closed-loop recycling that could ultimately
substitute oil-based fibers.
HeiQ AeoniQ yarns are made out of cellulosic biopolymers that during growth
bind carbon from the atmosphere. HeiQ AeoniQ yarn is designed to substitute
existing oil-based filament yarns, such as environmentally persistent polyester
and nylon, which constitute over 60% of global annual textile output of 111 M
metric tons. The global polyester and nylon fiber market is worth an estimated
US$135 billion USD with a CAGR of greater than 3.5% over the next decade
(Statista). For every ton of polyester & nylon substituted by HeiQ AeoniQ,
potentially up to 5 tons of CO2 can be reduced.
When compared to conventional polyester, nylon, cotton and conventional
regenerated cellulosic products, the production of HeiQ AeoniQ yarns has the
potential to transform the environmental impact of fiber production, as it is
designed to be circular, uses 100% renewable energy for manufacturing, features
a closed-loop recycling of more than 99.5% of productive factors, uses no toxic
chemicals, and does not draw on arable land, pesticides or fertilizers for its
feedstock.
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 (LSE: HEIQ),
HeiQ is a disruptive innovator with a strong IP portfolio. A leader in textile
and materials innovation, HeiQ has created 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 240 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 consumer
goods and medical devices can be found in 56 countries. For more information,
visit: www.heiq.com
Photo -
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Logo - https://mma.prnewswire.com/media/1134330/HeiQ_Materials_Logo.jpg
CONTACTS:
HeiQ Materials AG
Ruetistrasse 12
8952 Schlieren (Zurich)
Switzerland
www.heiq.com
info@heiq.com
+41-56-250-68-50
Media contact for interview or high-res image:
Loraine Stantzos
VP Marketing Communications
loraine.stantzos@heiq.com
+41-56-250-68-50
Source: HeiQ Materials AG
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