Nanollose Limited, a leading bio-materials company focused on commercializing scalable technology to create fibers and fabrics with low environmental impact, announced the signing of a Collaboration Agreement with Paradise Textiles Limited ("Paradise"), a technology first, material science and innovation business working to reinvent the fabric of fashion.
Alpine Company's award-winning garment manufacturing group, Paradise, brings to market carefully made materials through its innovation center. The Alpine Group was started in Taiwan in 1981 and has since expanded to include activities in the United States, Singapore, Egypt, Jordan, Dubai, Taiwan, and China.
Alpine Group will be the first apparel manufacturing group to take on the Future Fit Benchmark (a science-based strategic management tool that aligns with the UN Sustainable Development Goals) to achieve its goal of making fashion fit for the future and is a trusted partner to some of the biggest brand names in apparel, including The North Face, Sweaty Betty, American Eagle Outfitters, Under Armour, and Abercrombie and Fitch.
Nanollose and Paradise will collaborate closely under the Collaboration Agreement to develop and manufacture yarns and fabrics integrating Nanollose's Tree-Free and Forest-Friendly Nullarbor fibres. Nanollose will supply Paradise with an initial 135kg of Nullabor-20TM, and Paradise will transform this fiber into a range of yarns and fabrics for distribution to chosen clothing producers and fashion designers.
If the partnership is successful, the parties will endeavor in good faith to reach an agreement on reasonable terms and conditions for the continuous supply of Nullarbor fibers to Paradise for use in the commercial manufacturing of yarns and/or textiles by Paradise. The agreement's term is one year from the date of execution until the conclusion of the development period, whichever comes first. Either party may terminate the agreement with at least three months' written notice.
The Collaboration Agreement follows the Company's first collaboration agreement with Orta Anadolu Ticaret Ve Sanayi şletmesi T.A., a global leader in the development, manufacture, and supply of sustainable denim (refer ASX announcement: 19 April 2022), both of which demonstrate the importance of Nanollose's demand for sustainable and forest friendly fibers.
Executive Chairman, Dr Wayne Best, said that he is delighted that Nanollose will be working with Paradise Textiles to produce a variety of yarns and textiles from our Nullarbor fibers. The relationship allows them to work with another organization that shares their objective for more sustainable fashion industry. The creative capabilities and knowledge of Paradise will help them to create novel, sustainable, and high-quality materials that are consistent with the fiber itself. The partnership will also create the amount and diversity of samples that brand partners want. As they continue to develop negotiations with more collaborators, they look forward to updating shareholders on their progress.
Ashok Mahtani, Co-Founder and Chairman of Paradise Textiles and the Alpine Group, said that they’re thrilled to be collaborating with Nanollose. Sustainability has been a key value of the Group for the past 40 years. Collaborations like our newest with Nanollose are vital in helping them jointly fix fashion's flawed business model as they seek to realize their goal of making fashion fit for the future. Sustainable material innovation and lowering the industry's environmental effect are critical to their planet's future, and they look forward to seeing the fruits of their collaboration.
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