AeoniQ will have an exclusive distributor
Prior to Hugo Boss’s equity investment in HeiQ AeoniQ on February 14, The Lycra Company clarified its investment in the same project. HeiQ said it would appoint two strategic partners to help it scale up production of its AeoniQ cellulosic yarn and bring it to market. Lycra and Hugo Boss are those two strategic partners.
The Lycra Company agreed to become the first strategic partner when HeiQ announced AeoniQ in October. At the time of Hugo Boss’s investment of an initial $5 million in the project, Lycra confirmed that its investment will take the form of payment of “a milestone-driven technology fee” that it will pay to be the exclusive distributor for AeoniQ yarn.
It said its “deep textiles knowledge and market channel access” would help fast-track the commercialisation of AeoniQ.
“We are focused on providing value-added technologies to help our customers create and develop exceptional fabric and garment offerings,” said Lycra chief executive, Julien Born, “while reducing their environmental footprint, without sacrificing comfort or performance.”
For his part, HeiQ chief executive, Carlo Centonze, said the financial commitment that Hugo Boss and The Lycra Company have made are a strong endorsement of AeoniQ’s “game-changing potential”. He said it gave the intellectual property of HeiQ AeoniQ a value of $200 million.
Mr Centonze added: “AeoniQ yarn is a versatile alternative to polyester and nylon and its climate-positive qualities create a very exciting market opportunity for HeiQ, as fashion brands and retailers come under increasing pressure to do their part in decarbonising their products and reduce their environmental footprints.”
The money will help HeiQ scale up its pilot commercialisation plant for AeoniQ in the second quarter of 2022 and build a commercial-scale factory for the new product by the end of 2024. The pilot plant is in Austria. HeiQ has not yet revealed the location of the commercial-scale plant but has said it will be somewhere in Central Europe.
