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GM Ventures, the investment arm of General Motors, is to provide funding to biotech firm MycoWorks and a deal has been struck to co-develop Fine Mycelium materials for potential use in a range of applications in automotive design .
This marks Emeryville, CA-based MycoWorks’ entry into one of leather’s largest end-use markets and creates a significant opportunity to create more sustainable materials for the automotive industry.
Fine Mycelium Technology transforms mycelium – the infinitely renewable root structure of fungi – into natural, customizable leather alternatives that match the performance of the highest quality animal leather with less environmental impact. The company’s platform has enabled a new class of premium non-animal materials that could support GM’s continued progress toward its vision of a world with zero accidents, zero emissions and zero congestion.
Animal-free and chrome-free, Fine Mycelium also has superior strength at low thicknesses, providing a compelling path to efficiency and weight reduction in car interiors while meeting performance, aesthetic and durability requirements. environment in the automotive space.
“Working with General Motors is a huge step forward in the global revolution in new materials,” said Matt Scullin, CEO of MycoWorks. “This collaboration is a first for us outside of the fashion industry, demonstrating the enormous potential and applications of Fine Mycelium.”
“Our strategic investment in MycoWorks aims to advance the development of sustainable automotive materials,” added Wade Sheffer, Managing Director of GM Ventures. “This collaboration will help facilitate R&D efforts and create more sustainable alternatives for our designers.”
In August 2022, following an oversubscribed $125 million Series C funding round, MycoWorks inaugurated its first large-scale production facility, which will enable initial mass production volumes of several million square feet. of Fine Mycelium materials per year, will greatly increase production and ability to partner and service Fine Mycelium to a wider range of industries and businesses.
