Australian technology company Nanollose, headed up by former Gap Inc clothing boss Alfie Germano, is to commence trading on the Australian Stock Exchange after raising AUD5m (US$5m) under a well-supported IPO.
Nanollose says it will use the funds to accelerate development of its plant-free cellulose fibre and target the $500bn global textile industry as brands, retailers and manufacturers increasingly seek alternative and more environmentally sustainable materials.
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“Today, we use plants and trees to make fibres for textiles,” says Germano. “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.”
If successful, Nanollose says this would mark a significant breakthrough for the global fibre industry.
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.
Former Gap boss developing sustainable plant-free fibre
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