Sustainable Fibre Company Commences Trading on the ASX
- $5 million raised under well-supported Initial Public Offer (IPO)
- Funding to accelerate development of the Company's world first Plant-FreeTM cellulose fibre as a sustainable alternative to currently used plant-based fibres
- Nanollose plans to initially target the $500 billion global textile industry as brands, retailers and manufacturers increasingly seek alternative and more environmentally sustainable materials
The Company issued 25,000,000 shares at $0.20 each under its well supported IPO giving it a market capitalisation of $14.9m. MacEquity Partners acted as lead broker and View Street Partners acted as Corporate Advisor for the IPO.
The Company plans to continue its development in fibre production over the next 8-12 months, whereby Nanollose will work towards a Plant-Free fibre that could become a more environmentally sustainable alternative to currently used fibres. If successful, this would mark a significant breakthrough for the global fibre industry.
Nanollose Managing Director Alfie Germano commented, "Today, we use plants and trees to make fibres for textiles. With the funds raised under the IPO we hope to significantly advance and commercialise our Plant-Free cellulose fibre technology to a point where it can be used to make clothing and textiles with a dramatically reduced environmental footprint to conventional materials."
The current procurement of raw materials like cotton and wood to make fibres is highly resource intensive, and challenges continue to increase as crops like cotton require large amounts of water, land and pesticides. By contrast, Nanollose uses microbes that ferment biomass waste products from industries such as the food and beverage industries into cellulose fibres, in a process that requires very little land, water or energy.
Due to these significant issues with current fibre sources, Nanollose plans to initially target the $500 billion global textile industry as urgency from brands, retailers and manufacturers to seek and cultivate alternative fibre resources are increasing.
The Nanollose technology also shows promise in other markets such as seed germination, medical products, personal hygiene and food. The Company has already developed a soil-less seed germinating technology that is intended to be launched in 2018.
Nanollose would like to thank investors for their support in the IPO, and looks forward to updating the market with key milestones as the Company progresses towards becoming the world's first Plant-Free cellulose fibre producer.
About Nanollose Ltd
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.