Natural Fiber Welding (NFW), a technology company that develops textiles using recycled plants and natural fibers, has secured an undisclosed amount of investment from Japanese company Asahi Kasei. The investment is part of Asahi's Care for Earth investment framework announced in April 2023, allocating USD 100 million for early-stage startups addressing environmental challenges like hydrogen, energy storage, carbon management, and bio-based chemicals until the fiscal year 2027.

The investment will enable Asahi Kasei and its subsidiary Sage Automotive Interiors to work with NFW to develop and manufacture a non-petroleum-based and fully circular leather alternative for car interiors using NFW’s Mirum material. No specific timelines for the project were mentioned.

Analyst QuickTake: NFW is working on commercializing its bio-based leather material Mirum across various applications. The material has already gained popularity among global fashion brands and is now targeting the automotive sector. Some of the company’s strategic partnerships in the fashion industry include a partnership with Pangaia to jointly launch a bio-based black vest made using Mirum, UNLESS Collective for the world's first regenerative sneaker, Allbirds for its first plant-based leather sneaker, Brave GentleMan for a gender-neutral shoe collection, Bellroy for a plant-based leather wallet, and Ralph Lauren for a bio-based shirt.