Codi Group Cooperation Agreement Extended
Perth, Aug 18, 2022 AEST (ABN Newswire) - Nanollose Limited (ASX:NC6) (N0L:FRA) is pleased to advise that it has extended its Cooperation Agreement with Codi International BV, part of the Codi Group ("Codi"), for a further three years.
With a philosophy of "Sustainability is the only way of doing business for us", Codi Group plays a leading role in Europe for the market of high quality, sustainable wet wipes. Its clients include multinational brands, European retailers, distributors and institutional parties. The group distributes products to over 40 countries and owns high value proprietary technical information focused on the production, marketing and distribution of consumer wipes.
Nanollose initially provided Codi with a sample of its Tree-Free viscose, which was then converted into a nonwoven fabric, a precursor to wet wipes. While the outcome of this trial was very positive, the Company has since transitioned away from viscose to the more environmentally friendly lyocell fibre.
Nanollose has successfully completed this transition, and the development of its flagship Nullarbor(TM) fibre is well advanced following the successful pilot spin of 260kg of Nullarbor-20 fibre earlier this year. It is envisaged that the second pilot fibre production will be conducted on a larger scale and allow for an offtake of a quantity of fibre specifically formulated for nonwoven trials.
The wet wipes market is large and continues to grow rapidly. It includes baby wipes, personal care wipes and household or homecare wipes, with data from Research and Markets report showing that in 2021 the market was valued at around US$21.5Bn and predicted to grow to US$28.8Bn by 2028 at a CAGR of 4.3%. In addition to the growth in the market there is consumer and regulatory pressures on manufacturers to transition away from plastic fibres such as polyester, to biodegradable ones such as lyocell.
For further details of the Agreement please refer to the Company's announcement on 16 August 2019.
About Nanollose Limited
Nanollose Limited (ASX:NC6) is an innovative Australian company that uses a low cost and eco-friendly fermentation process to grow fibres that could become a sustainable alternative to conventional plant-derived cellulose fibres. The Company's process, which uses streams from various large-scale industries like sugar, wine and food, has the ability to produce 'Plant-Free' Cellulose. Cellulose is the hidden building block polymer most consumers know nothing about, but forms a huge part of items used in their everyday life such as clothing, paper and hygiene products.