On Holding launches CleanCloud midsole made from captured carbon emissions in Cloud X 5 shoe

On Holding has commercially launched its CleanCloud midsole technology in the Cloud X 5 shoe, using captured carbon emissions instead of virgin fossil feedstocks. The midsole is made from eNaphtha supplied by Infinium, which is produced from waste CO2 and renewable hydrogen. This marks the first time a sportswear midsole has been scaled to over a million pairs using captured carbon feedstocks. The technology uses existing petrochemical infrastructure to convert captured carbon into lower-carbon EVA foam. On says the material performs identically to conventional EVA for athletes. The launch is part of On's broader effort to remove virgin fossil feedstocks from its products. From an investment perspective, CleanCloud strengthens On's product innovation story but does not remove near-term pressures around high valuation multiples and the risk that heavy investment outpaces demand. The company's ability to scale this technology while maintaining margins will be key for investors to watch.