ANN ARBOR, Mich. — July 11, 2019 — Kraig Biocraft Laboratories Inc., a developer of spider silk based fibers, announced today that 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. This significantly increased investment limit will now allow the company to prepare for the second phase expansion, planned for a 123 acre site located near Prodigy Textiles’ existing facility, and is part of the company’s systematic and structured plan to expand capacity.
This new license was awarded during a recent trip to Vietnam, taken by the company’s COO, Jon Rice, to oversee phase one production implementation. After reviewing the progress made under this 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,” said Rice.
Posted July 11, 2019
Source: Kraig Biocraft Laboratories