MAS Holdings Invests in HeiQ AeoniQ™ to Promote Sustainable Textile Alternatives

July 9, 2023
by

Key Takeaways:

  1. Sri Lankan global apparel and textile tech conglomerate MAS Holdings invests in HeiQ AeoniQ™, part of Switzerland-based HeiQ Group, to produce climate-positive cellulosic yarn as a sustainable alternative to synthetic materials like polyester and nylon.
  2. The investment is part of MAS Holdings’ Plan for Change, aiming for 50% of the company’s revenue to come from sustainable products by 2025.
  3. HeiQ and MAS Holdings have agreed to a 5-year offtake agreement, with the commitment to buy thousands of tons of HeiQ AeoniQ™ yarn, estimated to be worth around US$ 100 million.

About MAS Holdings and HeiQ

MAS Holdings, headquartered in Sri Lanka, is the largest apparel tech company in South Asia. With manufacturing plants across 16 countries and design locations in key style centers globally, the company has expanded its portfolio into brands, wearable technology, FemTech, startups, and fabric parks. Their Plan for Change initiative focuses on products, lives, and the planet, aiming to inspire their employees to drive sustainable change.

Founded in 2005, HeiQ is a leader in textile and materials innovation, striving to improve the lives of billions through pioneering textiles and materials. The company serves over 1,000 industrial customers in over 60 countries and can produce up to 45,000 tons of specialty chemicals per year. With their new initiative HeiQ AeoniQ™, they aim to disrupt the textile industry by creating the world’s first climate-positive continuous cellulosic filament yarn.

Impact of the Investment

The collaboration between MAS Holdings and HeiQ AeoniQ™ is an essential step towards reshaping the apparel industry by driving innovation, collaboration, and scale. Polyester and nylon, two oil-based fibers, are virtually non-recyclable and account for around 70% of all global textile production. HeiQ AeoniQ™ offers a sustainable, endlessly recyclable alternative to these fibers, developed to change the course of the textile industry.

The HeiQ AeoniQ™ production scale-up will receive a significant boost in early 2026 with the construction of a new gigafactory capable of 30,000 tons output per year.

Carlo Centonze, CEO of HeiQ Group, and Suren Fernando, Group Chief Executive Officer of MAS Holdings, expressed their enthusiasm about the investment and their commitment to driving a more sustainable future in the textile industry.

For more information about MAS Holdings, visit https://www.masholdings.com/. For more about HeiQ and HeiQ AeoniQ™, visit https://www.heiq.com/ and https://www.heiq-aeoniq.com/.

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