With cotton being one of the top polluting industries, a world first Australian technology could contribute a positive change in the global $500 billion textile and fashion markets. Australian company Nanollose has raised $5,000,000 from investors, with ambitions to commercialise its sustainable fibre technology after an IPO on the Australian Securities Exchange expected for October 18.
Nanollose CEO Alfie Germano says this mark an exciting time for the company, with its world first Plant-Free Cellulose fibre set to potentially become a sustainable alternative to commonly used but environmentally damaging fibres such as cotton.
Currently, cellulose is obtained from plant sources like cotton, wood and bamboo, with the supply chains and procurement ecosystems of these industries raising ever-growing environmental concerns.
Germano who has held multiple VP positions at some of the largest global apparel brands including Gap recently stated that the funds will be used to accelerate the development of the company’s fibre technologies and build production supply chains with key partners, who will license and grow the fibre. The funds will accelerate the development and get a point where it could offer the fibre as a sustainable alternative to that of fibres derived from cotton and wood. He further adds that progressive brands and companies are starting to facilitate this new shift by involving themselves deeper in the supply chain and searching for feasible, sustainable long-term alternatives, and wants to be part of the solution. The reason is to feed sustainable alternative into the global industries with little to no retrofitting to existing machinery or processes.
Germano’s first target is the $500 billion global textile industry, and says there is increasing urgency from brands, retailers and manufacturers to seek and cultivate alternative fibre resources.