RNS: Part 111 Feb 2021 07:38
RNS Number : 6895O
HeiQ PLC
11 February 2021
11 February 2021
HeiQ Plc
("HeiQ" or "the Company")
HeiQ Viroblock Contract Win and Expansion into New Market
HeiQ (LSE:HEIQ), an established global brand in materials and textile innovation which operates in high-growth markets, is pleased to announce that it has signed a four year partnership with Girbau, a world leader in comprehensive professional laundry solutions for the industrial, commercial and vended sectors. The contract is valued at a minimum of US$1.5 million, with the potential to increase substantially.
Pursuant to this contract, Girbau will offer its customers HeiQ's Viroblock NPJ03 product as an antiviral and antimicrobial post-treatment for its industrial laundry services. Girbau has clients across the healthcare, hospitality and food manufacturing sectors, where hygiene and safety are paramount, and this contract provides significant additional revenue opportunities for HeiQ. HeiQ and Girbau also plan to offer solutions to public launderettes, bringing branded HeiQ Viroblock dispensers to consumers. While the HeiQ Viroblock technology platform consists of multiple different applications and is active in various sectors, this is the first time that HeiQ Viroblock has been utilised within the laundry sector. This means that HeiQ Viroblock has the potential to become a household detergent product as a post-treatment for laundered goods, opening up a large and growing new market to HeiQ. The laundry detergent market is estimated at US$132 billion per year and grows at 4.5% CAGR (statista.com).
Under this contract, HeiQ will initially focus on a B2B offering, with a particular focus on bringing enhanced antimicrobial and antiviral protection to garments and textiles used in the healthcare and hospitality sector. The detergent market is dominated by players like Ecolab, Unilever, Reckit Benkiser, Henkel and Procter & Gamble, which typically do not focus on functional detergents conferring long lasting properties to textiles. Therefore, HeiQ is the first textile technology company to convert an industrial antiviral treatment into a functional detergent.
HeiQ co-founder and CEO Carlo Centonze said:
"This deal demonstrates the breadth of new market opportunities available to HeiQ Viroblock and means that a significant number of people around the world will be protected by our Swiss Technology Award-winning antimicrobial technology. The four-year nature of this agreement demonstrates the industry belief that antimicrobial functionality is here to stay. We are delighted to open up this significant new market which we believe has the potential to deliver substantial value to shareholders. At a minimum, this contract will deliver US$1.5m of additional revenue for the business over four years but has the potential to go much further. We will first focus on servicing B2B customers,
Sign In
Follow the stocks
