Plant-free fabric maker Nanollose on path to commercialisation
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Plant-free fabric maker Nanollose has continued to invest in the development of its natural fabric alternative.
At its lab in Perth, Nanollose creates a unique, plant-free cellulose material – an organic polymer which is the basic building block for many textiles and for paper.
Unlike plant-based fabrics such as cotton – Australia’s second most water-intensive crop — Nanollose grows its fibres via the fermentation of bacteria which requires no light or land.
Nanollose hopes to ride a wave of increasing demand for sustainable fashion.
On Monday, the company (ASX:NC6) released its first half-yearly report since listing in October.
With no revenues yet on the board, Nanollose reported a loss of $833,000 – 77 per cent more than the previous period, a result it largely attributes to the costs of listing.
“Included in the loss for the half-year period are compliance, regulatory, legal and consulting expenses relating to the ASX listing amounting to $305,586,” it said.
That leaves $3.8 million in the bank.
Shares in the company were trading up 3.7 per cent on Monday, at 14c.
That’s a 30 per cent discount to its 20c issue price, when it raised $5 million.
In December the company filed a provisional patent to protect the intellectual property around its plant-free fibre and told shareholders its technology was more in demand than ever.
“The company is currently at a product development stage where physical samples are being proven, tested and produced ahead of being commercially ready,” its December quarterly read.
“Nanollose has received significant interest from many areas of the global textiles industry since announcing its production of viscose-rayon fibre from microbial cellulose.”