The partnership between HeiQ and MAS Holdings aims to address the growing demand for sustainable textiles and promote circularity in the industry. MAS Holdings, being the largest apparel and textile manufacturer in South Asia, is committed to generating 50 per cent of its revenue through sustainable products by 2025. By investing in HeiQ AeoniQ™, MAS is taking a significant stride towards achieving this goal.
As part of the investment, MAS will provide a total of US $ 2.5 million to HeiQ AeoniQ™, with an initial contribution of US $ 1.5 million upon contract signature and an additional US $ 1 million upon reaching a predetermined milestone. This investment highlights MAS’s dedication to driving positive environmental impact and signifies their trust in HeiQ AeoniQ™ as a sustainable solution.
To facilitate the widespread adoption of HeiQ AeoniQ™ and similar sustainable technologies, HeiQ and MAS have also agreed to a non-binding offtake agreement for five years. Based on the completion of specific milestones and a mutual commercialisation plan, HeiQ expects to receive purchase orders worth up to US $ 100 million over the agreed period.
HeiQ AeoniQ™, launched in late 2021, has attracted considerable attention from major players in the textile and clothing industries. The technology enables the production of a cellulosic filament yarn from various non-valorised feedstock, offering comparable performance to polyester and nylon while maintaining sustainability and circularity.
The pilot plant for HeiQ AeoniQ™, located in Austria, has been producing the yarn since the third quarter of 2022.
Carlo Centonze, CEO of HeiQ Group, expressed his excitement about the partnership, emphasizing HeiQ’s commitment to disrupting the textile industry with HeiQ AeoniQ™. Suren Fernando, Group Chief Executive Officer of MAS Holdings, reiterated their dedication to driving positive change within the apparel industry and reshaping it through innovation, collaboration, and scale.
This strategic investment and partnership between HeiQ and MAS Holdings signify a significant step forward in advancing sustainable practices in the textile industry, offering a promising alternative to traditional synthetic materials and promoting a more circular and environmentally friendly approach to manufacturing.
