Kraig Labs announced on March 6 that it is preparing a second business investment application in Vietnam as part of the planned expansion of its business operations. The company expects to submit this second investment license application this month.

This new license will be utilised in connection with the company’s memorandum of understanding with the Lam Dong Agro-Forestry Research and Experiment Centre (LAREC) and the Vietnam Sericulture Association (VSA), as announced on January 30.

This collaboration is designed to enhance and expand silk production in Vietnam by leveraging the company’s proprietary silk technology and expertise from the LAREC and VSA.

The investment license application is part of the creation of a new wholly-owned subsidiary of Kraig Labs, to be named Prodigy Silk.

Prodigy Silk will be headquartered in the company’s new recombinant spider silk production facility in Lam Dong province. The facility is located in the center of Vietnam’s largest silk-producing region, providing excellent access to fresh mulberry, skilled sericulture staffing, and cocoon reeling facilities.

The company expects this facility to serve as the operational centre for its spring production trials. Renovations of this facility are currently underway, and expected to be fully operational in time for the spring trials.

“This business investment in the highlands has been a long-term strategic goal for Kraig Labs,” said founder and CEO, Kim Thompson. “Over the last two quarters, we have consistently hit our marks and checked the boxes on our business plan. Each milestone we hit prepares the way for the next milestone.”

The company’s management intends to remain aggressive in the execution of its business plan for the production of recombinant spider silk in 2024. Recombinant spider silk is a material with potential applications across the global textile industry.

By Vy Bui

Source: VIR

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