Ann Arbor’s Kraig Biocraft Laboratories Inc., a developer of spider-silk based fibers, says the company has been awarded an increased investment license for expansion of its recombinant spider silk production at Prodigy Textiles, its Vietnamese subsidiary.
Under the new license, the Vietnamese government increased the company’s potential investment cap to as high as $50 million USD. The increased investment limit will allow the company to prepare for a second phase expansion planned for a 123-acre site located near Prodigy Textiles’ existing facility, and is part of the company’s plan to expand capacity.
The new license was awarded during COO Jon Rice’s recent trip to Vietnam to oversee phase one production implementation. After reviewing the progress made under the first phase and meeting with Prodigy Textiles’ president, Vietnamese officials authorized the expansion of the company investment in scaling up recombinant spider silk production.
“The granting of this expanded license is a demonstration of confidence in Kraig Labs and the potential our eco-friendly spider silk technology has to dramatically alter the global markets for silk and performance textiles,” says Rice.