Benzinga | Nov 5, 2021 09:37AM EDT

On Holding Launches CleanCloud Foam For Shoe Bottom Units

* On Holding AG (NYSE:ONON) has launched a new foam material, CleanCloud, made using carbon emissions as raw material, collaborating with LanzaTech and Borealis.

* LanzaTech uses a combination of genetic engineering, artificial intelligence, and innovations in mechanical and chemical engineering to manufacture chemicals utilizing a process that soaks up carbon rather than emitting it.

* CleanCloud will be used as a primary raw material for a shoe bottom unit, specifically EVA (ethylene vinyl acetate) foam, which could also be used in other shoe parts and products in the future.

* On Holding expects to exchange all bottom units from On shoes currently made from EVA with CleanCloud.

* Price Action: ONON shares closed lower by 2.13% at $37.63 on Thursday.