The largest apparel and textile manufacturer in South Asia invests in HeiQ subsidiary

With this investment, MAS Holdings becomes the first manufacturer to partner with HeiQ AeoniQ  in their efforts to provide a sustainable alternative to polyester and nylon. The investment to be made by MAS Holdings is part of the group's strategy to drive a positive environmental impact. The MAS Plan for Change aims to generate 50% of the company's revenue through sustainable products by 2025.

HeiQ AeoniQ was launched in Q4 2021. With the proprietary manufacturing method, for the first time in history, a cellulosic filament yarn can be made from a wide range of non-valorized feedstock and is able to reproduce comparable performance features of polyester or nylon, while being sustainable and endlessly circular.

The HeiQ AeoniQ pilot plant in Austria is manufacturing this revolutionary continuous cellulosic filament yarn since Q3 2022, with up to a 100 tons capacity to be upscaled up to 300 tons by the end of 2023.

With the closing of this deal, HeiQ and MAS agreed to a 5-year Offtake Agreement for 3,000 tons of HeiQ AeoniQ yarn in 2025 and 5,000 tons per year from 2026 to 2029, valued by HeiQ in the aggregate to US$ 100 million. MAS will finalize this commitment within a stipulated time period after achieving milestone 1, and a mutual plan for commercialization.

Carlo Centonze, CEO of HeiQ Group, said, "MAS' investment and offtake agreement serves as resounding proof that leading textiles value chain players recognize HeiQ AeoniQ as the ultimate game-changer, placing their trust in its transformative power, and is a natural result of the confidence built over a decade that HeiQ and MAS have been doing business together."

Group Chief Executive Officer of MAS Holdings, Suren Fernando adds, "We believe that this investment is an important step in our efforts to reshape our industry by driving innovation, collaboration, and scale. With HeiQ AeoniQ as a key catalyst, we are poised to pave the way for a more sustainable future."

(Press release / SK)
Picture: Picture: MAS Holdings and HeiQ administrators celebrate the deal that makes HeiQ AeoniQ™ stronger and scaled-up. (From left to right: Nipuna Gunaratne – Sustainable Product Lead, MAS Holdings; Rajiv Dharmendra – Chief Executive Officer, MAS Intimates; Nemanthie Kooragamage – Director - Group Sustainable Business, MAS Holdings; Mahesh Amalean – Co-Founder & Chairman, MAS Holdings; Carlo Centonze – Co-Founder & CEO, HeiQ Group; Musa Raibin - VP South Asia Brand Force, HeiQ Group; Ran-il Vitarana – Chief Innovation Officer, MAS Holdings)