Earnings Season – 5 Companies remain strong in wild 2020

August 16, 2020 |

Nanollose’s microbial cellulose production not affected by COVID-19, continues progress towards commercialization

In Australia, Nanollose continued to expand, improve and develop its technologies for the production and processing of microbial cellulose at its Western Australian facilities, which remained unaffected by COVID-19 restrictions.

  • The Company continued to advance the Collaboration Agreement with Grasim, liaising with their R&D team and exchanging key technical information, with new and improved samples of processed microbial cellulose successfully shipped from Nanollose to Grasim in June 2020 for trial fibre spinning.
  • Chinese microbial cellulose supplier, Hainan Yeguo Foods Co Ltd, became operational again and supplied an improved sample for testing and trial processing, as a prelude to scale-up.
  • The Company continued to progress its intellectual property portfolio of patents and trademarks, with one patent entering the National Phase (Final Phase) of approval.

Corporate Highlights

  • To preserve capital, the Company’s directors took a reduction in cash remuneration, with other cost savings also implemented, resulting in only $158,000 net cash used during the Reporting Period.
  • Successful rights issue and placement of shortfall raised $720,000 in capital with the funds to be predominantly applied to the advancement the Collaboration Agreement with Grasim, with all directors taking up their full entitlement.
  • $43,000 in government subsides received as part of COVID-19 relief.

FY2021 Objectives

  • Production of tonne quantities of Microbial Cellulose, which will be shipped to Grasim’s R&D facility, to further optimise production processes.
  • Deliver larger commercial quantities of Microbial Cellulose to Grasim, to commence production trials to produce the first amounts of nullarbor fibre for commercial offerings.
  • Commercial scale trials with leading global brands in the fashion and apparel industry.
  • Product trials to commence in nonwoven sector as the Company seeks to commercialise nufolium for nonwoven fibre applications, including personal wipes, which is a high growth market.
  • Continue to progress the Company’s intellectual property portfolio of patents and trademarks.

Commenting on the Quarter, Nanollose CEO, Aflie Germano, said: “During the June quarter, we have continued to work diligently behind the scenes to further advance our Collaboration Agreement with Grasim. Importantly, we have also used this time to improve the production of Microbial Cellulose (“MC”) at our Perth facility, with Hainan Yeguo Foods Co Ltd providing an improved sample of MC, as we seek to scale up production prior to commencing commercial trials. The 2021 Financial Year is set to be a pivotal period for the Company, as Nanollose aims to produce the first amounts of nullarbor fibre for commercial offerings, as we continue to progress towards the commercialisation of our revolutionary Tree-Free Fibres.”

 

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