ZÜRICH, July 6, 2023 /PRNewswire/ — MAS Holdings, a global apparel and textile manufacturing and technology conglomerate, headquartered in Sri Lanka with a global presence in 16 countries, acquires a stake in HeiQ AeoniQ™ as part of its Plan for Change initiative to support the development of next-generation cellulosic filament fibers to replace polyester and nylon.
HeiQ of Switzerland, a leader in materials innovation, and MAS Holdings, a global textile and apparel technology and manufacturing conglomerate headquartered in Sri Lanka, and the largest apparel and textile manufacturer in South Asia, with a Approximate turnover of 2,000 million dollars. partnered for MAS to secure a stake in HeiQ AeoniQ GmbH, a subsidiary of the HeiQ Group that will produce HeiQ AeoniQ™, a climate-positive cellulosic yarn.
With this investment, MAS Holdings becomes the first manufacturer to partner with HeiQ AeoniQ™ in their efforts to offer a sustainable alternative to polyester and nylon. The investment that MAS Holdings will make is part of the group’s strategy to promote a positive environmental impact. The MAS Plan for Change aims to generate 50% of company revenue through sustainable products by 2025, revolutionizing the textile industry with a focus on innovation, sustainable sourcing and pioneering circularity at scale.
With the closing of this agreement, HeiQ and MAS have agreed to a 5-year purchase and sale agreement for 3,000 tons of HeiQ AeoniQ™ yarn in 2025 and 5,000 tons per year from 2026 to 2029, valued by HeiQ as a whole at $100 million. MAS will materialize this commitment within a stipulated period after reaching milestone 1, and a mutual marketing plan. HeiQ and MAS strongly believe that rapid scaling is key to facilitating rapid adoption of sustainable and circular technologies like HeiQ AeoniQ™.
HeiQ AeoniQ™: a game changer for the textile industry
Since Q4 2021, the launch of HeiQ’s HeiQ AeoniQ™ technology has attracted the attention of major global players in the textile and apparel industries.
With the patented manufacturing method, for the first time in history, a cellulosic filament yarn can be manufactured from a wide range of non-recycled raw materials and is capable of reproducing performance characteristics comparable to those of polyester or nylon, while being sustainable and infinitely circular.
The HeiQ AeoniQ™ pilot plant in Austria has been manufacturing this revolutionary continuous cellulosic filament yarn since the third quarter of 2022, with a capacity of 100 tons that will expand to 300 tons by the end of 2023.
The expansion of the production of HeiQ AeoniQ™ is expected to receive its final push in early 2026 with the construction of a completely new gigafactory capable of producing 30,000 tons per year, with an estimated investment of USD 250 million.
Carlo Centonze, CEO of HeiQ Group, explained: “Since the beginning, HeiQ has pioneered textile innovation, revolutionizing sustainable functionality and improving the lives of billions of people. Now, with the introduction of HeiQ AeoniQ™, we strengthen our unwavering commitment to transforming the textile industry, a sector that has long held the dubious honor of being the world’s second-biggest polluter The MAS investment and purchase agreement is convincing proof that the major players in the chain Textile value chains recognize that HeiQ AeoniQ™ is the ultimate game-changing solution and are confident in its transformative power and is a natural result of the trust built over a decade that HeiQ and MAS have been doing business together.”
MAS Holdings Group CEO Suren Fernando added: “MAS was founded on a fundamental belief of doing the right thing. As a global organization with more than 100,000 employees, we are convinced of our responsibility to drive positive change in the industry. of apparel through sustainable product solutions. We believe this investment is an important step in our efforts to reshape our industry by driving innovation, collaboration and scale. With HeiQ AeoniQ™ as a key catalyst, we are poised to pave the way towards a more sustainable future.
Polyester and nylon, two petroleum-derived fibers that are practically non-recyclable, account for about 70% of all global textile production, take between 350 and 1,000 years to degrade in nature, and are currently recycled in a closed loop at less than 1 %, and are at the origin of 35% of the microplastics that can be found in today’s oceans. HeiQ AeoniQ™ was innovated and is being hyperscaled to change this course of action.
About HeiQ
Founded in 2005 as a spin-off of the Swiss Federal Institute of Technology Zurich (ETH) and listed on the main market of the London Stock Exchange (XLON:HEIQ), HeiQ is a leader in textile and materials innovation, creating some of the most powerful technologies , durable and highest performing on the market today. HeiQ strives to improve the lives of billions of people through pioneering innovation in textiles and materials. Combining three areas of expertise – scientific research, specialty materials manufacturing and consumer ingredient branding – HeiQ is the ideal innovation partner to create distinctive and sustainable products and capture added value at the point of sale. With its 14 offices, 7 manufacturing plants and 7 R & D centers, HeiQ today employs more than 200 professionals. It has a total capacity of 45,000 tons of chemical specialties per year and serves more than 1,000 industrial clients in more than 60 countries. Today, HeiQ technologies can be found in more than 60 countries. For more information, visit www.heiq.com
About MAS Holdings
MAS Holdings, the largest apparel technology company in South Asia, is one of the most recognized providers of design solutions in garment and textile manufacturing. With a community of more than 110,000 people, MAS today has manufacturing plants in 16 countries and design centers established in the main centers of style around the world. Meeting the demands of a dynamic and constantly changing industry, the MAS portfolio has expanded exponentially; in brands, wearable tech, FemTech, startups and fabric parks around the world.
Throughout 35 years of operations, MAS has earned worldwide recognition for its ethical and sustainable work environment and for the organization’s tireless efforts in social development and women’s empowerment. Today, the company’s efforts to drive positive impact are encapsulated in the MAS Plan for Change, a commitment to create sustainable change in three focus areas: products, lives and planet. Through these initiatives, MAS aims to inspire all its employees to be agents of change, making dreams come true and enriching the fabric of life on our planet.
For more information, visit www.masholdings.com.
Averca of HeiQ AeoniQTM
HeiQ AeoniQ™ is HeiQ’s key initiative to disrupt the textile industry. As a global leader in textile innovations, HeiQ aims to create the world’s first climate-positive continuous cellulosic filament yarn through a proprietary manufacturing process, reproducing the properties of polyester and nylon yarns for the first time in one fiber. cellulosic, durable, biodegradable and infinitely recyclable. HeiQ has established HeiQ AeoniQ™ as an independent company, allowing its business partners to participate from the development stage and be part of the pioneering team in this initiative to reverse the carbon footprint in the textile industry. To make HeiQ AeoniQ™ possible, HeiQ partnered with HUGO BOSS as a pioneer brand and together they turned HeiQ AeoniQ™ into a garment. The LYCRA Company participates in this initiative as a worldwide distributor. MAS Holdings became the newest partner in the project.
For more information, visit https://www.heiq-aeoniq.com/
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