Report looks into the prospects of next-gen materials
The third state of the industry for next-generation materials has been released by the Material Innovation Initiative (MII), a think tank based in Napa, California.
Its analysis covers 102 companies developing alternative non-petrochemical materials for the fashion and footwear industry. Among these, 52% are working on plant-based derivatives, close to 20% are developing microbe-based fermentation processes. Four other categories, mycelium, recycled materials, cultivated animal cells and blends of various technologies make up the remaining 28%.
In 2022, the organisation calculated that $457 million were invested in these innovative companies. In its conclusion, it stated: “In 2021, we saw an unprecedented spike in capital invested in next-gen materials companies, notable exits such as Spinnova’s IPO accounted partly for the sharp increase. 2022 represented a more challenging investment atmosphere, and the next-gen materials space was not immune to the adjustment. However, looking at the 10-year track from 2013 to 2022, both capital invested and number of deals continued their upward momentum.”
The companies focusing on textile fibres for apparel applications that entered MII’s list this year include Evrnu, which is working on recycling used textiles; Metsä Spring, the maker of a wood-based fibre Kuura; Nanollose, a microbial cellulose material derived from coconut waste in tests at Birla; Tandem Repeat, which is developing a microbe-derived fibre: and Vegeto, a Canadian start-up looking to use milkweed as a down alternative.
To download the report, click here.
Image: Nanollose
