Chitose Group has entered into a strategic collaboration agreement with Shiseido where it will accelerate the development of circular manufacturing based on microalgae in the cosmetics industry. Chitose also raised $7 million through a third-party allotment of shares with Shiseido.
Chitose has been leading the Matsuri project since the spring of 2021, focusing on microalgae as a new industry as a substitute for the petroleum industry.
Through the project, Chitose collaborates with players from various industries, transcending positions and sectors to advance large-scale photosynthetic production and develop diverse applications that support people's lives including fuel, plastics, food, cosmetics and more.
Shiseido has been participating in Matsuri since April 2022. Through the activities of Matsuri, Chitose and Shiseido aim to lead the creation of a circular economy through sustainable value creation, revitalizing the global cosmetics market.