Kraig Biocraft Laboratories, the developer of spider silk based fibres, has been granted an increased investment license by the Vietnamese government in a move that paves the way for the second phase of its expansion in the country.
Under the new license, the Vietnamese government increased the company’s potential investment cap to as high as US$50m.
This “significantly increased” investment limit will now allow the firm to prepare for the expansion of recombinant spider silk production on a 123-acre site located near the existing facility of Prodigy Textiles, its Vietnamese subsidiary.
The new license was awarded during a recent trip to Vietnam, taken by the company’s COO, Jon Rice, to oversee phase one production implementation. After reviewing the progress made under this first phase and meeting with Prodigy Textiles’ president, Vietnamese officials authorised the expansion of Kraig Biocraft’s investment in scaling up recombinant spider silk production.
Earlier this year the company said it was building on its partnership with US fabric maker Polartec to bring the first materials made from recombinant spider silk to the performance apparel market.
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